Signet Solar U.S. bows to the inevitable

Signet Solar, based in Atherton, U.S., has filed for Chapter 11 bankruptcy with stated assets of US$30 million and debts of $9.8 million, $2 million of which is owed to the Goel Family Partnership, the company’s largest creditor.

Signet Solar manufactured amorphous thin film silicon panels, a market which peaked with a global shortage of polysilicon in 2005.

Since then the global oversupply, and consequently plummeting price, of polysilicon made the more costly and less efficient amorphous panels an unattractive option.

Signet, which made its panels using Applied Materials’s SunFab equipment, claims it stopped trading in June 2010.