| AND another solar panel manufacturer bites the dust in the US with Konarka Technologies Inc., a developer of thin-film solar panels, announcing it has closed its doors less than four years after opening a manufacturing operation in New Bedford.The Lowell-based company, which began more than 10 years ago, filed for bankruptcy protection Friday under Chapter 7 with plans to liquidate the business; it has laid off about 25 employees at its New Bedford Business Park location, according to company and business park officials. The company had received $150m in backing from venture capitalists and business partners, as well as $20m in assistance from the federal and state governments.MassDevelopment, a quasi-public agency, loaned the company $2.5m in February 2009, as part of a package that included another $2.5m from the Massachusetts Technology Collaborative.The company had to end its operations after failing to secure additional financing, said Howard Berke, the company's president."This is a tragedy for Konarka's shareholders and employees and for the development of alternative energy in the United States," Berke said in a statement.The company let go 25-26 employees at the park and another 45-50 at its Lowell headquarters.The solar company had started with competitive prices because it used plastic instead of glass in its products, but Chinese manufacturers drove down prices further and undercut that advantage, he said.Local officials have been promoting alternative energy companies such as Konarka as a key part of the city's economic future. |
