Spire to Dissolve Systems Joint Venture with Gloria Solar

Spire Corporation and Gloria Solar Co. Ltd., have reached an agreement to liquidate their Joint Venture, Gloria Spire Solar LLC (GSS), which performed PV systems integration within the United States. Over the past several months, with the pause in the market for PV systems, Spire and Gloria reassessed their strategies for their respective solar product lines and reached the decision that the best course of action was to dissolve GSS.

Spire will re-establish this business as “Spire Solar Systems” which will continue to provide PV systems integration for the U.S. market. Spire Solar Systems will be located at Spire’s headquarters in Bedford, Massachusetts.

Gloria and Spire agreed to an allocation of the remaining assets of GSS including cash, after all liabilities have been paid. Each company will also receive a share of project leads. Spire Solar Systems will continue to support the current customer base.

“This new direction will free Spire to develop new opportunities emerging rapidly in the U.S. systems market, stimulated by the federal funding,” said Roger Little, chairman and CEO of Spire Corporation. “Also, Spire Solar Systems can provide an outlet for modules manufactured by our turnkey module line customers. Additionally we can provide systems design, training, and integration services to these customers. This approach supports our overall strategy of encouraging distributed local module manufacturing.”

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