Berlin-based solar panel manufacturer Solon filed for insolvency, another sign of how brutal price competition is shrinking the industry.
Solon yesterday said it was unsuccessful in restructuring its loans with banks. It will now seek to restructure those loans for three of its subsidiaries through insolvency proceedings.
The move follows the company's decision earlier this year to close its Tucson, Arizona manufacturing operation.
Solon is the latest victim in a wrenching consolidation that's spreading through the global solar industry.
In the U.S., once-successful solar panel maker Evergreen Solar filed for bankruptcy this summer and has sold off its assets. Less established companies Solyndra, SpectraWatt, and Stirling Energy Systems have also gone out of business this year.
Being in business, I want no one to fail! Is anyone in this Obama administration on watch or telling the Pres that jobs are still being lost in the feared Private Sector! What good paying jobs will take the place of a lost industry? This Pres is even against a pipeline that would provide jobs here and now for our own people.