Dec 2, 2013 - Flabeg Solar US Corp, a company that used to make solar collection mirrors in Clinton, Pensylvania, will sell its assets and cease operations early in 2014 after a failed asset purchase deal with a Chinese suitor.
In an article on November 28, local news portal TribLIVE cited the company’s president William Otto as saying that the auction for the manufacturing equipment at the Clinton plant would take place on December 17. All assets will be out of the building by January 15 so that the Pittsburgh Post-Gazette will be able to install a new printing press there.
Flabeg Solar’s troubles began in March 2013 when its German parent Flabeg Gmbh cut off financial support as it had its own difficulties. The US business managed to attract a buyer -- Zhejiang Damin Glass Co -- for certain mirror manufacturing assets and even got a court approval for the sale. However, the promised payment of USD 900,000 (EUR 662,000) by end-October was never received.
According to the report, this Tuesday there will be a hearing before Bankruptcy Court Judge Carlota M Bohm in Pittsburgh in relation to a motion filed by Flabeg for contempt of court against Zhejiang Damin Glass for violating the court-approved acquisition deal.
Before it closed shop, Flabeg Solar US Corp was producing one million large solar collection mirrors for parabolic trough concentrated solar power (CSP) projects. In 2011 the manufacturing facility had a headcount of 240 and some USD 30 million in revenues, according to Otto.
(USD 1 = EUR 0.735)
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