Evergreen Solar Files for Bankruptcy
- Submitted by Asst Natl Dir Mellie B on August 15, 2011 at Patriot Action Alerts
- Owing$485.6 Million
Q
By Steven Church - Aug 15, 2011 3:58 PM ETEvergreen Solar Inc. (ESLR), a maker of electricity generating solar panels, filed bankruptcy with plans to sell itself at an auction in order to pay creditors owed $485.6 million.
Investors who hold more than 70 percent of the company’s convertible senior secured notes have agreed to act as the so- called stalking-horse, or initial bidder, in a proposed auction for Evergreen’s assets, including new technology to make solar wafers at lower cost, Evergreen Chief Executive Officer Michael El-Hillow said in court papers today.
Read more here
REAL RESULTS IN MASSACHUSETTS
Thanks to the Obama Administration’s American Recovery and Reinvestment Act, real impact is already being felt across the state.
Because of the Stimulus Bill and New Contracts, Green Energy Companies Are Looking to Hire Many New Employees. "The clean-tech and green industries in Massachusetts are hiring. Companies looking to add employees include Aeronautica Windpower in Plymouth, lithium-ion battery maker Boston-Power Inc. in Westborough, and Conservation Services Group, also in Westborough… The workforce expansions are being partly spurred by the federal economic stimulus package, which includes billions for home energy-efficiency upgrades and an extension of a tax credit for renewable energy technologies such as wind power… Because of the stimulus bill as well as several new contracts, Cowell plans to add 200 more jobs this year. The company currently employs about 400 and does business in 22 states. At least 30 to 40 of the new jobs will be in Massachusetts, he said. ‘We’re sort of the tip of the iceberg,’ Cowell said. ‘A couple of hundred people will be hired here, but that means that 2,000 people will be hired at the local level to do the work that we spec out and help facilitate.’ … At Boston-Power, which makes the Sonata battery used in Hewlett-Packard's notebook computers, vice president of marketing Sally Bament said she is looking to hire about two dozen people in marketing, sales, and other areas. Evergreen Solar, the Marlborough-based maker of solar panels, also is hoping to hire 90 to 100 people at a manufacturing plant in Devens, said Gary Pollard, vice president of human resources. Aeronautica Windpower, meanwhile, hopes to bring on between 50 and 100 employees to begin producing midscale wind turbines at a facility that the company hopes to open somewhere in the state this spring." [The Boston Globe, 3/6/09]
Clean-Tech and Green Industries in Massachusetts Are Hiring, Partly Spurred by Stimulus Package. "The clean-tech and green industries in Massachusetts are hiring. Companies looking to add employees include Aeronautica Windpower in Plymouth, lithium-ion battery maker Boston-Power Inc. in Westborough, and Conservation Services Group, also in Westborough. Eco-friendly experience is a plus, but not required. The workforce expansions are being partly spurred by the federal economic stimulus package, which includes billions for home energy-efficiency upgrades and an extension of a tax credit for renewable energy technologies such as wind power."
Boston-Power Was About to Hire Two Dozen People in Marketing, Sales and Other Areas. "At Boston-Power, which makes the Sonata battery used in Hewlett-Packard's notebook computers, vice president of marketing Sally Bament said she is looking to hire about two dozen people in marketing, sales, and other areas." [Boston Globe, 3/6/09]
Evergreen Solar Was Hoping to Hire 90 to 100 People for Its Manufacturing Plant. "Evergreen Solar, the Marlborough-based maker of solar panels, also is hoping to hire 90 to 100 people at a manufacturing plant in Devens, said Gary Pollard, vice president of human resources. The plant, which opened last summer, is expected to employ more than 800 when it reaches full capacity." [Boston Globe, 3/6/09]
Aeronautica Windpower Planned to Add 50 to 100 Employees to Produce Wind Turbines. "Aeronautica Windpower, meanwhile, hopes to bring on between 50 and 100 employees to begin producing midscale wind turbines at a facility that the company hopes to open somewhere in the state this spring. Potential jobs include technical positions that mechanics, assembly line workers, and others might fit into, as well as positions in business development and customer relations. The company currently has a 10-person staff refurbishing wind turbines." Boston Globe, 3/6/09]
GreatPoint Energy Inc. Is Teaming Up With a University to Start a Paid Internship Program, Hopes to Hire Trained Program Graduates as Full-Time Employees."And at GreatPoint Energy Inc. in Cambridge, executive vice president Daniel Goldman, said his company wants to hire more people, and also is teaming with the University of Massachusetts at Dartmouth to start a paid internship program that will give students an on-the-job opportunity to learn how to turn materials like coal, wood chips, and even trash into natural gas. ‘What we'd probably like to do is train the people,’ Goldman said, ‘and then as they graduate, make them full-time analysts.’" [Boston Globe,3/6/09]
Conservation Services Group Planned to Hire 200 People Because of the Stimulus, Expected 2,000 More Would Be Hired to Execute Work Facilitated By Firm’s Work. "Soon after Congress passed the nearly $800 billion bill last month, Stephen Cowell, chief executive of Conservation Services Group, said he told his staff, ‘Get the resumes together.’ In the last six months, the energy-efficiency company has hired about 50 employees in its main office. Because of the stimulus bill as well as several new contracts, Cowell plans to add 200 more jobs this year. The company currently employs about 400 and does business in 22 states. At least 30 to 40 of the new jobs will be in Massachusetts, he said. ‘We're sort of the tip of the iceberg,’ Cowell said. ‘A couple of hundred people will be hired here, but that means that 2,000 people will be hired at the local level to do the work that we spec out and help facilitate.’" [Boston Globe, 3/6/09]
Massachusetts Will Receive $21.1 Million For Work Force Development, Which Will Create An Estimated 10,000 Jobs Statewide. Stimulus funding for summer jobs was initially announced March 27 by Gov. Deval Patrick, though specific allocations were not provided. According to a release from Patrick’s office, $6.67 million from the state’s YouthWorks summer jobs program is being combined with $3.1 million in public safety funds and $21.1 million in work force development funds provided American Recovery and Reinvestment Act to increase options. The money is expected to result in 10,000 jobs statewide." [The Herald News, 4/5/09]
More than 500 Workers Built New Green Macallen Building in Boston’s Southie Neighborhood. "The traditionally tough, blue-collar neighborhood of Southie in south Boston is on the forefront of a ‘green’ revolution and serves as an example of a blooming work force. Steel-toed construction workers helped erect the city's first green building and now the Macallen building stands as a revolutionary, eco-friendly structure. It also represents a bridge to a greener future -- one in which the president said is essential to America's economic success in the 21st century…More than 500 men and women built the Macallen building and many of those jobs ran the entire length of construction." ["Good Morning America," ABC News, 4/15/09 (WITH VIDEO)]
Unions Are Retraining Members for Green Jobs & Approximately 1,200 Community Colleges are Offering Courses at Reasonable Prices. "The good news is that the retraining is already starting to happen, Ellis said. With construction workers, their unions are showing them new green ways to build and how to use recycled steel and new materials. At the same time, there are about 1,200 community colleges around the country offering courses in green retraining at prices that most people can afford, he added. Some workers are being retrained right now on the job site for such tasks as sorting material for recycling, but other more complicated jobs such as wiring solar arrays and welding on a wind turbine 200 feet up can take up to a couple of years of community college training, he said. For unemployed workers who already have the basic skills -- plumbers, electricians and welders -- they just need to gain extra knowledge like working with low-flow toilets or a new, efficient electrical system, Cheney said." ["Good Morning America," ABC News, 4/15/09 (WITH VIDEO)]
Solar Panel Maker Moves Work to China
Matthew Cavanaugh for The New York Times
Evergreen Solar plans to close its main American factory, in Devens, Mass., seen here in September, and lay off 800 workers.
By KEITH BRADSHER
Published: January 14, 2011
BEIJING — Aided by at least $43 million in assistance from the government of Massachusetts and an innovativesolar energy technology, Evergreen Solar emerged in the last three years as the third-largest maker of solar panels in the United States.
Multimedia
Matthew Cavanaugh for The New York Times
Michael El-Hillow, chief executive of Evergreen, said falling prices for panels led to the closing.
Matthew Cavanaugh for The New York Times
Workers assemble solar panels at the factory in Devens, Mass.
But now the company is closing its main American factory, laying off the 800 workers by the end of March and shifting production to a joint venture with a Chinese company in central China. Evergreen cited the much higher government support available in China.
Evergreen Solar Files for Bankruptcy Owing $485.6 Million
Q
By Steven Church - Aug 15, 2011 3:58 PM ETEvergreen Solar Inc. (ESLR), a maker of electricity generating solar panels, filed bankruptcy with plans to sell itself at an auction in order to pay creditors owed $485.6 million.
Investors who hold more than 70 percent of the company’s convertible senior secured notes have agreed to act as the so- called stalking-horse, or initial bidder, in a proposed auction for Evergreen’s assets, including new technology to make solar wafers at lower cost, Evergreen Chief Executive Officer Michael El-Hillow said in court papers today.
Read more here
REAL RESULTS IN MASSACHUSETTS
Thanks to the Obama Administration’s American Recovery and Reinvestment Act, real impact is already being felt across the state.
Because of the Stimulus Bill and New Contracts, Green Energy Companies Are Looking to Hire Many New Employees. "The clean-tech and green industries in Massachusetts are hiring. Companies looking to add employees include Aeronautica Windpower in Plymouth, lithium-ion battery maker Boston-Power Inc. in Westborough, and Conservation Services Group, also in Westborough… The workforce expansions are being partly spurred by the federal economic stimulus package, which includes billions for home energy-efficiency upgrades and an extension of a tax credit for renewable energy technologies such as wind power… Because of the stimulus bill as well as several new contracts, Cowell plans to add 200 more jobs this year. The company currently employs about 400 and does business in 22 states. At least 30 to 40 of the new jobs will be in Massachusetts, he said. ‘We’re sort of the tip of the iceberg,’ Cowell said. ‘A couple of hundred people will be hired here, but that means that 2,000 people will be hired at the local level to do the work that we spec out and help facilitate.’ … At Boston-Power, which makes the Sonata battery used in Hewlett-Packard's notebook computers, vice president of marketing Sally Bament said she is looking to hire about two dozen people in marketing, sales, and other areas. Evergreen Solar, the Marlborough-based maker of solar panels, also is hoping to hire 90 to 100 people at a manufacturing plant in Devens, said Gary Pollard, vice president of human resources. Aeronautica Windpower, meanwhile, hopes to bring on between 50 and 100 employees to begin producing midscale wind turbines at a facility that the company hopes to open somewhere in the state this spring." [The Boston Globe, 3/6/09]
Clean-Tech and Green Industries in Massachusetts Are Hiring, Partly Spurred by Stimulus Package. "The clean-tech and green industries in Massachusetts are hiring. Companies looking to add employees include Aeronautica Windpower in Plymouth, lithium-ion battery maker Boston-Power Inc. in Westborough, and Conservation Services Group, also in Westborough. Eco-friendly experience is a plus, but not required. The workforce expansions are being partly spurred by the federal economic stimulus package, which includes billions for home energy-efficiency upgrades and an extension of a tax credit for renewable energy technologies such as wind power."
Boston-Power Was About to Hire Two Dozen People in Marketing, Sales and Other Areas. "At Boston-Power, which makes the Sonata battery used in Hewlett-Packard's notebook computers, vice president of marketing Sally Bament said she is looking to hire about two dozen people in marketing, sales, and other areas." [Boston Globe, 3/6/09]
Evergreen Solar Was Hoping to Hire 90 to 100 People for Its Manufacturing Plant. "Evergreen Solar, the Marlborough-based maker of solar panels, also is hoping to hire 90 to 100 people at a manufacturing plant in Devens, said Gary Pollard, vice president of human resources. The plant, which opened last summer, is expected to employ more than 800 when it reaches full capacity." [Boston Globe, 3/6/09]
Aeronautica Windpower Planned to Add 50 to 100 Employees to Produce Wind Turbines. "Aeronautica Windpower, meanwhile, hopes to bring on between 50 and 100 employees to begin producing midscale wind turbines at a facility that the company hopes to open somewhere in the state this spring. Potential jobs include technical positions that mechanics, assembly line workers, and others might fit into, as well as positions in business development and customer relations. The company currently has a 10-person staff refurbishing wind turbines." Boston Globe, 3/6/09]
GreatPoint Energy Inc. Is Teaming Up With a University to Start a Paid Internship Program, Hopes to Hire Trained Program Graduates as Full-Time Employees."And at GreatPoint Energy Inc. in Cambridge, executive vice president Daniel Goldman, said his company wants to hire more people, and also is teaming with the University of Massachusetts at Dartmouth to start a paid internship program that will give students an on-the-job opportunity to learn how to turn materials like coal, wood chips, and even trash into natural gas. ‘What we'd probably like to do is train the people,’ Goldman said, ‘and then as they graduate, make them full-time analysts.’" [Boston Globe,3/6/09]
Conservation Services Group Planned to Hire 200 People Because of the Stimulus, Expected 2,000 More Would Be Hired to Execute Work Facilitated By Firm’s Work. "Soon after Congress passed the nearly $800 billion bill last month, Stephen Cowell, chief executive of Conservation Services Group, said he told his staff, ‘Get the resumes together.’ In the last six months, the energy-efficiency company has hired about 50 employees in its main office. Because of the stimulus bill as well as several new contracts, Cowell plans to add 200 more jobs this year. The company currently employs about 400 and does business in 22 states. At least 30 to 40 of the new jobs will be in Massachusetts, he said. ‘We're sort of the tip of the iceberg,’ Cowell said. ‘A couple of hundred people will be hired here, but that means that 2,000 people will be hired at the local level to do the work that we spec out and help facilitate.’" [Boston Globe, 3/6/09]
Massachusetts Will Receive $21.1 Million For Work Force Development, Which Will Create An Estimated 10,000 Jobs Statewide. Stimulus funding for summer jobs was initially announced March 27 by Gov. Deval Patrick, though specific allocations were not provided. According to a release from Patrick’s office, $6.67 million from the state’s YouthWorks summer jobs program is being combined with $3.1 million in public safety funds and $21.1 million in work force development funds provided American Recovery and Reinvestment Act to increase options. The money is expected to result in 10,000 jobs statewide." [The Herald News, 4/5/09]
More than 500 Workers Built New Green Macallen Building in Boston’s Southie Neighborhood. "The traditionally tough, blue-collar neighborhood of Southie in south Boston is on the forefront of a ‘green’ revolution and serves as an example of a blooming work force. Steel-toed construction workers helped erect the city's first green building and now the Macallen building stands as a revolutionary, eco-friendly structure. It also represents a bridge to a greener future -- one in which the president said is essential to America's economic success in the 21st century…More than 500 men and women built the Macallen building and many of those jobs ran the entire length of construction." ["Good Morning America," ABC News, 4/15/09 (WITH VIDEO)]
Unions Are Retraining Members for Green Jobs & Approximately 1,200 Community Colleges are Offering Courses at Reasonable Prices. "The good news is that the retraining is already starting to happen, Ellis said. With construction workers, their unions are showing them new green ways to build and how to use recycled steel and new materials. At the same time, there are about 1,200 community colleges around the country offering courses in green retraining at prices that most people can afford, he added. Some workers are being retrained right now on the job site for such tasks as sorting material for recycling, but other more complicated jobs such as wiring solar arrays and welding on a wind turbine 200 feet up can take up to a couple of years of community college training, he said. For unemployed workers who already have the basic skills -- plumbers, electricians and welders -- they just need to gain extra knowledge like working with low-flow toilets or a new, efficient electrical system, Cheney said." ["Good Morning America," ABC News, 4/15/09 (WITH VIDEO)]
Solar Panel Maker Moves Work to China
Matthew Cavanaugh for The New York Times
Evergreen Solar plans to close its main American factory, in Devens, Mass., seen here in September, and lay off 800 workers.
By KEITH BRADSHER
Published: January 14, 2011
BEIJING — Aided by at least $43 million in assistance from the government of Massachusetts and an innovativesolar energy technology, Evergreen Solar emerged in the last three years as the third-largest maker of solar panels in the United States.
Multimedia
Matthew Cavanaugh for The New York Times
Michael El-Hillow, chief executive of Evergreen, said falling prices for panels led to the closing.
Matthew Cavanaugh for The New York Times
Workers assemble solar panels at the factory in Devens, Mass.
But now the company is closing its main American factory, laying off the 800 workers by the end of March and shifting production to a joint venture with a Chinese company in central China. Evergreen cited the much higher government support available in China.
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