Evergreen Solar Faces Major Financial Challenge In Mass.

By Anthony Silva, WBZ NewsRadio 1030

BOSTON (CBS) – The sun may be setting soon on one of the most controversial solar panel companies in the state.

Evergreen Solar, which recently closed its production plant in Devens, says its sales last quarter fell more than 60% drying up the company’s cash reserves.

WBZ NewsRadio 1030’s Anthony Silva reports

Analyst Theodore O’Neil at Wunderlich Securities says Evergreen may have enough cash on hand to only operate another 3 months.

O’Neil tells me international subsidies for solar are being cut amid tougher competition as the Chinese ramp up production of lower priced solar units.

Experts say there is an world over-supply of solar panels expected driving down retail prices.

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Comments

One Comment

  1. 1608 says:

    How is that move working fot you now?

    LOL LOL LOL LOL

  2. Denise says:

    My guess is more that people think you’re a bunch of slime balls so have gone elsewhere for the solar options. If they were a company that stood by their word and didn’t try to be slimey and break promises and run off w/ oodles of money only to leave hundreds of people unemployed. They might have a chance of maintaining their business. But they might be saying bye bye to mass… but the people will eventually be the downfall for Evergreen and say bye bye to them for good! Don’t worry…if you go bankrupt and change your name … we’ll find out and you won’t be a success that way either!

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