June 15 (Renewables Now) - US-based photovoltaic (PV) products maker Suniva Inc, one of the major drivers of protectionism in the US solar industry, has been released from bankruptcy proceedings and is gearing to restart its business “as soon as possible.”
The move was announced after SQN Capital Management, Suniva’s largest creditor, acquired the solar manufacturer’s technology, licences and production capacity. SQN said in a press release on Thursday that it is “on the verge of determining which partner will provide the best path to revitalising the company and meeting the overwhelming demand for Suniva's high-quality, high-efficiency products.”
The US solar company filed for Chapter 11 bankruptcy protection in April 2017, because of the significant downward pricing pressures in the PV industry.
Suniva was the company that led the Section 201 trade case, through which US solar PV manufacturers sought protection from foreign imports, especially from China. The petition, which Suniva filed last April, led to US President Donald Trump imposing year-on duties of 30% on the imports of solar cells and modules. Suniva’s major proponent was SolarWorld Americas Inc.