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Intel's solar spinoff files for bankruptcy
EE Times ^ | 8/23/2011 | EE Times

Posted on 08/24/2011 7:34:19 AM PDT by the invisib1e hand

SAN FRANCISCO—Spectrawatt Inc., the solar cell manufacturer that was originally spun off from Intel Corp. in 2008, has filed for bankruptcy protection under Chapter 11 of the U.S. bankruptcy code, according to multiple reports.

Spectrawatt (Hopewell Junction, N.Y.) closed its factory last December, laying off 110 people. The factory opened in May 2010.

On Tuesday, Middleton, N.Y.'s Times-Herald Record reported that Spectrawatt filed for bankruptcy last week, seeking court permission to auction off tens of millions of dollars worth of assets. The company blames its failure on vendor disputes and competitive pressure from companies that manufacturer solar cells in countries with higher subsidies and lower labor costs, according to the report.

In 2008, Intel said it was spinning off key assets of a solar startup business effort to form an independent company called SpectraWatt. Intel Capital, Intel's investment organization, led a $50 million investment round in SpectraWatt and was joined by Cogentrix Energy, a wholly owned subsidiary of The Goldman Sachs Group Inc., PCG Clean Energy and Technology Fund and Solon AG.


TOPICS: Business/Economy; Culture/Society; Government
KEYWORDS: bankrupt; globalwarming; greenjobs; intel; solar; thegreenlie
Intel was a backer. And as an upstate New York baby, gawd only knows what kinds of tax breaks, grants and perks went down the drain on this one.

Pretty much had every possible advantage, and still folded.

1 posted on 08/24/2011 7:34:27 AM PDT by the invisib1e hand
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To: the invisib1e hand

Lovely idea to bring this firm to sunny New York State! /sarc

Without Cap and Tax these firms are falling like dominoes.


2 posted on 08/24/2011 7:37:56 AM PDT by Buckeye McFrog
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To: the invisib1e hand

What? I think I’m losing you....there’s a cloud coming in!


3 posted on 08/24/2011 7:38:11 AM PDT by jessduntno (Obama shanks. America tanks.)
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To: the invisib1e hand
laying off 110 people.

Clean-energy-jobs alert.

4 posted on 08/24/2011 7:45:03 AM PDT by the invisib1e hand
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To: jessduntno

I would laugh if it weren’t so pathetic.

All that money down the drain.


5 posted on 08/24/2011 7:47:30 AM PDT by SusaninOhio
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To: the invisib1e hand

When there is no cash from the Obama stash...comes crash!


6 posted on 08/24/2011 7:48:02 AM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: the invisib1e hand

Time for an IRS audit followed by a clawback.


7 posted on 08/24/2011 7:48:12 AM PDT by bjc (Check the data!!)
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To: the invisib1e hand

“countries with higher subsidies”

The eeeeeeevil Republicans are to blame./s


8 posted on 08/24/2011 7:49:39 AM PDT by dynachrome ("Our forefathers didn't bury their guns. They buried those that tried to take them.")
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To: Buckeye McFrog
Lovely idea to bring this firm to sunny New York State! /sarc Without Cap and Tax these firms are falling like dominoes.

That flushing sound you are hearing is the sound of trillions of stimulus money going down the drain. Of course, it's a blue state.

Pathetic.

9 posted on 08/24/2011 7:50:27 AM PDT by cicero2k
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To: the invisib1e hand
The company blames its failure on vendor disputes

As in, the vendors wanted to be PAID. They didn't realize they had signed on for a fantastic leftist environmental crusade.

10 posted on 08/24/2011 7:53:40 AM PDT by PGR88 (I'm so open-minded my brains fell out)
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To: the invisib1e hand

Spectrawhat?


11 posted on 08/24/2011 8:09:33 AM PDT by moovova (Anybody missed O while he's been on vacation? O who?)
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To: the invisib1e hand

lol

another “green” company bites the dust. These idiots will never learn.


12 posted on 08/24/2011 8:10:14 AM PDT by TexasFreeper2009 (Obama = Epic Fail)
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To: the invisib1e hand
Another rich/elitist fad fades. “Extraordinary Popular Delusions and the Madness of Crowds” by Charles Mackay should be required reading in our high schools. Even though it was first printed in 1841 it's lessons on fads and financial bubbles could save a lot of people a lot of grief.
13 posted on 08/24/2011 8:20:31 AM PDT by fella ("As it was before Noah, so shall it be again.")
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To: the invisib1e hand
...and competitive pressure from companies that manufacturer solar cells in countries with higher subsidies and lower labor costs

China

14 posted on 08/24/2011 8:54:14 AM PDT by bkopto (Obama is merely a symptom of a more profound, systemic disease in American body politic.)
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To: the invisib1e hand

The best application of solar would be space based which would microwave the energy to a collector on the ground. The absence of atmosphere makes it more efficient at collecting all of the sun’s radiation.


15 posted on 08/24/2011 9:19:22 AM PDT by jonrick46 (2012 can't come soon enough.)
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