Let me put the pieces together for you
Another bankrupt green energy company? Yea, it just doesn’t seem newsworthy. So let me compile the pieces for you.
Item: United Solar Ovonic
March 6th, 2008, on Michigan Governor Jennifer Granholm’s “Alternative Energy Tour”:
“United Solar Ovonic is a great example of the type of investment
needed to ensure Michigan’s economic success in the 21st century,” said
Governor Jennifer M. Granholm. “The company is a strong anchor for
Michigan’s alternative energy industry — and they are taking full
advantage of Michigan’s exceptional workforce, first-tier engineering, R &
D talents and a business climate tuned to growing emerging businesses.”
“We applaud Governor Granholm for her support in fostering
opportunities for Michigan to play a leadership role in the rapidly growing
global alternative energy industry,” stated Mark Morelli, president and
chief executive officer of Energy Conversion Devices, Inc.
Granholm ushered in Michigan’s great green jobs of the future, and proposed to the state legistlature a “renewable energy” standard for state-wide energy production. 10% would have to come from “clean, renewable sources” by 2015. That would go to 25% by 2025.
Jan 22, 2010 Energy Conversion Devices receives a “Recovery Act” tax credit to create jobs.
May 7th: No bids are received for auction of it’s United Solar Ovonic LLC unit. 300 employees are to be fired.
The cuts will start immediately and the company will retain a smaller staff to manage the bankruptcy process, Auburn Hills, Michigan-based Energy Conversion said today in a statement.
May 9th: They try to sell it to a Chinese firm.
Trony Solar Holdings Co. (2468), a Chinese thin-film solar panel maker, is in talks to buy Energy Conversion Devices Inc. (ENERQ)’s United Solar Ovonic Corp. after a planned auction of the unit was canceled.
June 18th: Public Aution.
Last November, Energy Conversion Devices announced it was suspending manufacturing because of an excess of inventory, terminating 500 employees and furloughing 400. The company — founded by Stan and Iris Ovshinsky in Detroit in 1960 to develop alternative forms of energy — has been on the verge of bankruptcy repeatedly over the years.
In February, ECD (OTC: ENERQ.PK) filed for Chapter 11 bankruptcy protection. A sealed-bid auction of assets was scheduled for April 24, then delayed until May 8. On May 7, ECD said it was canceling the sealed-bid auction for what the company said was a lack of qualified bids and engaging Hilco Industrial LLC of Farmington Hills to help it prepare for the sale of assets.
The company also announced then that it was terminating 300 additional employees, leaving it with less than 100 worldwide, down from a high of 2,100 three years ago.
I have to drive by there later today. Perhaps I’ll stop and get a picture. Done.