Bloomberg has reported that the photovoltaic amorphous silicon manufacturer filed for bankruptcy last Friday. The company was established by the management of OptiSolar, which was founded in 2006 and failed in 2009.
The news source continues by saying that at the time of the closure, First Solar acquired $400 million worth of OptiSolar's contracts. Meanwhile, the management of OptiSolar set up NovaStar using OptiSolar's other assets. Its sole shareholder is said to be a Chinese company, Portcullis TrustNet.
Citing court documents, Bloomberg adds that NovaSolar owes $3.5 million in unpaid wages to employees. Apparently it filed for Chapter 11 in the U.S. Bankruptcy Court in San Jose, California, claiming $6 million in assets and $14 million in liabilities.
Back in February, Forbes wrote an article, criticizing NovaSolars business, particularly in light of the fact it didnt seem to attempt to be doing anything differently from OptiSolar. As the author summed up at the time, "NovaSolar might be headed for solar death row."
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.