The World's #1 Renewable Energy Network for News, Information, and Companies.
Untitled Document

Solar Struggles Continue: Q-Cells to File for Bankruptcy

Germany's Q-Cells, a solar industry giant that helped usher in a new era of solar energy, announced Monday that it will file for bankruptcy, but that it will continue to work to restructure.

In a statement released by the company, “the Executive Board and the preliminary insolvency administrator will work together to secure the continuity of the company within the insolvency proceedings.”

The move follows an unrelated higher court ruling on Friday that Q-Cells says limits its ability to move ahead with a debt restructuring plan.

The filing is the most prominent to date in the recent shake-out hitting the solar industry. The drastic drop in photovoltaic module pricing, the oversupply that has remained a drag on the industry and drastic subsidy cuts in Europe and beyond continue to put extreme pressure on solar manufacturers. Nowhere, perhaps, has this confluence of factors been felt greater than the headquarters of Q-Cells, which was the world’s biggest solar manufacturer in 2007 and 2008 before being overtaken during the rise of powerhouses coming mostly from China.

The company had worked to broaden its services in recent years. In addition to cell making, the company sells both silicon-based and CIGS PV modules. It also has moved toward project development, and in an earnings report the company said that that move has in fact boosted its economic health.

In 2011, Q-Cell’s production reached 783 MW, 717 of which came from solar cell production. The production of thin-film CIGS modules at German subsidiary Solibro accounted for 66 MW. That figure was down from just over 1 gigawatt produced in 2010. But unlike in 2010 when it was able to turn a profit, the company lost EUR 845 million in 2011. In March, the company said it expected 2012 to be another year of losses, but projected that it would return to positive earnings by 2013.

The company stock price, which hovered around $150 a share in early 2008, tumbled 50 percent to $0.16 per share on Monday.

Since August of last year, several solar companies, including Solon, Solar Millennium, Solyndra, Evergreen Solar and SpectraWatt, have filed for bankruptcy. On Monday, Solar Trust of America, the developer for the 1,000-MW Blythe project, also filed for Chapter 11.

Untitled Document

RELATED ARTICLES

Solar Shipments in Japan Drop First Time Since 2012 Incentives

Chisaki Watanabe, Bloomberg Shipments of solar panels in Japan fell 13 percent in the three months to June 30, a sign the market may be cooling t...

Fossil Fuels Losing Cost Advantage Over Solar, Wind, IEA Says

Tara Patel, Bloomberg The cost of producing electricity from renewable sources such as solar and wind has dropped significantly over the pa...

How India Goes Solar Could Change the World

Susan Kraemer, Correspondent Indian Prime Minister Narendra Modi’s proposals for a draft National Renewable Energy Act raising renewable deploymen...

Listen Up: Questions You May Ask About Rooftop Solar

The Energy Show on Renewable Energy World I’ve spent a lot of time over the past 15 years talking to homeowners about rooftop solar. More kitchen table chats a...

PRESS RELEASES

AWS Truepower Announces Major Expansion of its Due Diligence Team in Response to Growing Market Demand

AWS Truepower, an international leader in wind and solar energy consulting and engineer...

20 days to GRC Annual Meeting & GEA Geothermal Energy Expo

The Geothermal Resources Council (GRC) has announced that it is only 20 days to go to t...

Array Technologies’ DuraTrack HZ v3 Continues to (R)evolutionize at SPI

Array Technologies, Inc. (ATI) prepares to showcase its recently launched tracking syst...

Appalachian's Energy Center assists counties with landfill gas to energy projects

The Appalachian Energy Center at Appalachian State University recently completed a proj...

FEATURED BLOGS

How To Get People To Do Stuff

It’s no secret that psychology and sales go hand in hand. If you understand the principles of human psychology ...

Get In The Groove

When we talk about strategies for boosting productivity, we often overlook the fact certain projects lend themselves ...

Transitioning to Net-Zero Living

Judith and Jeffrey adore living in Belfast, Maine – a quaint harbor town of Belfast, Maine. They previously res...

The True Cost of Electric Vehicles in Australia

In order to avoid increased congestion, further greenhouse warming and lessen Australia’s reliance on imported ...

FINANCIAL NEWS

CURRENT MAGAZINE ISSUE

Volume 18, Issue 4
1507REW_C11

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @jennrunyon

FEATURED PARTNERS



EVENTS

Successfully Integrating Solar: A Proactive Approach

In this complimentary webcast, join DNV GL for a comprehensive look at a...

1-1/2 Day Photovoltaic System Fundamentals Workshop

Participants will learn how to assess the solar resources available at a...

Solar Power International 2015

Solar Power International, ranked as the largest solar trade show in Nor...

COMPANY BLOGS

How To Get People To Do Stuff

It’s no secret that psychology and sales go hand in hand. If you u...

Get In The Groove

When we talk about strategies for boosting productivity, we often overlo...

The Perfect Elevator Pitch

The elevator pitch is a concise statement that grabs attention and commu...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS