Evergreen Solar files for bankruptcy
Competition from China is just one reason that Evergreen Solar has filed for bankruptcy.
Tue, Aug 16 2011 at 11:35 AM
Evergreen Solar has had a rough year. In January, the company announced that it would be laying off 800 employees
at its plant in Devens, Mass., and moving those jobs to a production facility in China. Yesterday, the company took another turn for the worse with the announcement of a bankruptcy filing.
The company, which has been around since the 1990s, filed for Chapter 11 bankruptcy protection on Monday. A CNBC.com
article lists two main reasons for the filing: competition from cheaper Chinese products and the reduction of solar subsidies in Italy, Germany and other European countries.
This morning, shares of Evergreen Solar are down nearly 13 percent to $0.157 per share. In late 2007, shares of the renewable energy company were trading at an all-time high of $113.10.
In other solar company news, shares of First Solar
are down 2 percent so far today and down 20.1 percent year-to-date. SunPower, another major player in the U.S. solar industry, is doing quite well. The company’s stock prices are up more than 22 percent so far this year.
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