Yet another solar company go's under...this one in CHINA!

[westwall]

Well, now that the Chinese have lost the biggest one maybe people will begin to figure out that solar ain't all it's cracked up to be.

But I doubt it....


BEIJING (AP) — Suntech, one of the world's biggest solar panel manufacturers, was forced in bankruptcy court Wednesday, becoming the latest casualty of a painful slump in the global solar industry.

Suntech Power Holdings Ltd. said eight Chinese banks asked a court to declare it insolvent after the company missed a $541 million payment to bondholders last week. Suntech said it would not oppose the petition.

The development is a dramatic reversal for a company that was a leading force in China's fast-growing renewable energy industry. Its founder, Shi Zhengrong, has seen much of his multibillion-dollar fortune evaporate.

"While we evaluate restructuring initiatives and strategic alternatives, we are committed to continuing to provide high-quality solar products to our global customer base," Suntech CEO David King said in a statement. "During this period, we will continue to work closely with all of our stakeholders and take the necessary steps to put Suntech back on track for growth."




Chinese solar producer Suntech declares bankruptcy - Yahoo! Finance

 

[waltky]

Bosch leavin' the solar energy industry...

Bosch to abandon solar energy business
Mar 22,`13 -- German engineering company Bosch said Friday that it is abandoning its solar energy business, because there is no way to make it economically viable amid overcapacity and huge price pressure in the industry.

The solar power industry has been hit by falling subsidies, weaker sales and increasingly stiff price competition, especially by Chinese manufacturers. Robert Bosch GmbH's move came after German industrial conglomerate Siemens announced last October that it would give up its loss-making solar business. Bosch said that it will stop making products such as solar cells, wafers and modules at the beginning of next year. It will sell a plant in Venissieux, France, and is abandoning a plan to build a new plant in Malaysia.

The solar energy division, which employs about 3,000 people, lost around 1 billion euros ($1.3 billion) last year. The company said that, despite efforts to reduce manufacturing costs, it was unable to offset a drop in prices of as much as 40 percent.

"We have considered the latest technological advances, cost-reduction potential and strategic alignment, and there have also been talks with potential partners," Bosch CEO Volkmar Denner said. "However, none of these possibilities resulted in a solution for the solar energy division that would be economically viable over the long term." The company said that "as far as possible, individual units are to be sold quickly."

Source

 

[Saigon]

So when GM and Ford had problems - that meant that cars were history?

No, it's just capitalism. Some companies gain market share, some lose it.

As per usual, it's a thread based on politics, stupidty and dishonesty.

First Solar Inc. (FSLR), the world’s biggest maker of thin-film modules, said profit jumped 81 percent after it recognized revenue for selling power plants, validating the company’s strategic shift to building solar farms using its panels.

Net income was $111 million, or $1.27 a share, compared with $61.1 million, or 70 cents, a year earlier, the Tempe, Arizona-based company said today in a statement. Excluding restructuring charges, earnings were $1.65 a share, 71 cents more than the average of 27 analysts’ estimates compiled by Bloomberg.

First Solar Profit Jumps 81% on Shift to Project Sales - Bloomberg

 

[alan1]

So when GM and Ford had problems - that meant that cars were history?

No, it's just capitalism. Some companies gain market share, some lose it.

As per usual, it's a thread based on politics, stupidty and dishonesty.

First Solar Inc. (FSLR), the world’s biggest maker of thin-film modules, said profit jumped 81 percent after it recognized revenue for selling power plants, validating the company’s strategic shift to building solar farms using its panels.

Net income was $111 million, or $1.27 a share, compared with $61.1 million, or 70 cents, a year earlier, the Tempe, Arizona-based company said today in a statement. Excluding restructuring charges, earnings were $1.65 a share, 71 cents more than the average of 27 analysts’ estimates compiled by Bloomberg.

First Solar Profit Jumps 81% on Shift to Project Sales - Bloomberg

Good thing I didn't invest in FSLR five years ago, First Solar, Inc. Stock Chart | FSLR Interactive Chart - Yahoo! Finance
I wonder how many subsidies they've had?
Just curious

 

[westwall]

So when GM and Ford had problems - that meant that cars were history?

No, it's just capitalism. Some companies gain market share, some lose it.

As per usual, it's a thread based on politics, stupidty and dishonesty.

First Solar Inc. (FSLR), the world’s biggest maker of thin-film modules, said profit jumped 81 percent after it recognized revenue for selling power plants, validating the company’s strategic shift to building solar farms using its panels.

Net income was $111 million, or $1.27 a share, compared with $61.1 million, or 70 cents, a year earlier, the Tempe, Arizona-based company said today in a statement. Excluding restructuring charges, earnings were $1.65 a share, 71 cents more than the average of 27 analysts’ estimates compiled by Bloomberg.

First Solar Profit Jumps 81% on Shift to Project Sales - Bloomberg

Good thing I didn't invest in FSLR five years ago, First Solar, Inc. Stock Chart | FSLR Interactive Chart - Yahoo! Finance
I wonder how many subsidies they've had?
Just curious

Yup. The guys at the top allways seem to make out big (on our dime) don't they...