Evergreen Solar describes itself as developing, manufacturing and marketing “String Ribbon solar power products using its proprietary, low-cost silicon wafer technology” that is patented and reportedly “uses significantly less polysilicon than conventional processes.” The company, unfortunately, can now also describe itself as bankrupt.
Troubled Evergreen, which in January abandoned a Mass. plant and laid off 800 workers because of what is said was rapidly falling prices for solar panels, moved closer to oblivion yesterday with a Chapter 11 bankruptcy filing. The company now has limited measures to keep itself from completely ceasing to exist, and noted it will attempt to sell off assets, including its solar wafer technology, to try to eventually reemerge from bankruptcy.
Post Mass. plant shutdown, Evergreen said it had been trying to leverage the “potential” of its technology that it felt could be brought to “high volume solar cell and module manufacturers” as these companies themselves face “severe pressure to further reduce their total cost of manufacturing and particularly their wafer supply costs.” The company feels that by going Chapter 11 it will be able to continue working on the development of an industry standard wafer even as it tries to manage its debts, which the Wall Street Journal listed as around $486 million. This likely will include a chunk of money Mass. gave it in the form of grants and incentives.
To be sure, Evergreen likely has a massive uphill battle to try and return to some semblance of normalcy. It will be trying to do this with even less people on staff, saying it needs to lay off a further 65 individuals and suspend operations at its Midland, Michigan filament facility. It will continue operations of a sort though at its Wuhan, China facility.