"Evergreen has lost more than $685 million since its founding in 1994"
Related: No More Evergreen in Massachusetts
"Evergreen Solar expands job-cut figure; But company also plans to invest in Marlborough site" by Todd Wallack, Globe Staff / January 15, 2011
Evergreen Solar Inc., which revealed on Tuesday that it will close its solar panel plant in Devens, now says it will cut more jobs than previously disclosed. However, the company also plans to invest millions of dollars in its existing research and development center in Marlborough, and remains committed to Massachusetts.
In its original statement, the solar energy company said it planned to shut the facility by the end of March and eliminate 800 jobs in the state.
Evergreen spokesman Michael W. McCarthy later said the 800 jobs will all come from the Devens plant, and the company will also cut an undetermined number of workers at its corporate headquarters in Marlborough.
The same one they are investing in?
Company executives said they will have to close the $430 million manufacturing plant because it can not compete with cheaper manufacturing in China, including its own plant there.
And you can thank U.S. government policy for that.
Evergreen won $58 million in state incentives to build the Devens plant in 2008, but has not received all of that money and may have to repay some of the remaining amount because it is closing the plant.
The company vowed, however, to retain its corporate headquarters and research center in Marlborough, saying Massachusetts remains the ideal location to develop cutting-edge solar power technology....
That's why they are closing down and moving to China.
Evergreen has lost more than $685 million since its founding in 1994....
Where did they get their cash flow from?
See: VenCap Vroom-Vroom
Looks like theft to me.
Investors remain skeptical about the firm’s future. The company’s stock closed yesterday at $3.07, down from a peak of $113.10 in 2007 (after adjusting for stock splits)....
Christine Hersey, a financial analyst with Wedbush Morgan Securities in Los Angeles who follows the industry, noted that Evergreen is weighed down by debt from its past investments in making solar panels, and will face a raft of rivals who are further along in producing standard-sized wafers....
Meanwhile, questions remain about what will happen to the Devens facility when Evergreen shuts down the plant....
Separately, Evergreen reported this week that it agreed to pay a $50,000 “sign-on bonus’’ and a $295,000 per year salary to its new chief financial officer, Donald W. Reilly, who joined the company Jan. 10.
I guess that is an improvement from the last guy.
Related: Executive Payday: Evergreen Excesses
And what is with the lie about the losses, Globe?
--more--"
Also see: The Great Globalist Ventures
Yeah, Evergreen LITERALLY BURNED the money away!
