Reports of layoffs at Nanosolar20. February 2013 | Global PV markets, Markets & Trends | By: Jonathan Gifford
Reports are mounting that CIGS startup Nanosolar is laying off staff as it struggles in the current market.
While few manufacturers are profitable in today’s photovoltaic market, U.S.-based Nanosolar has had a particularly tough ride in taking its technology to scale. The Silicon Beat website reported the news yesterday, that as much of 75% of Nanosolar’s staff were laid off on Friday, February 15.
The source of the report was an anonymous employee of the company, who had contacted local paper the San Jose Mercury News.
Silicon Beat confirmed the layoffs with Nanosolar and the company issues the follow statement on Monday of this week. "Nanosolar did experience a workforce reduction last week. At this time, the company is in a quiet period and will not be issuing any formal statements. Once we have more information to share, we will provide additional details." The statement was from Susan Lehman from public relations at Nanosolar.
Nanosolar has been developing a roll-to-roll CIGS process since 2002. It has attracted more than US$400 million in VC funding since that time. Most recently Nanosolar secured $79 million to expand its production, from existing and new investors.
GTM Research estimates that Nanosolar is currently shipping modules with approximately 10% conversion efficiency.
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