Evergreen Solar Inc., the Marlboro clean-energy company that received millions in state subsidies to build an ill-fated Bay State factory, has filed for bankruptcy.
Evergreen, which closed its taxpayer-supported Devens factory in March and cut 800 jobs, has been trying to rework its debt for months. The company announced today it is seeking a reorganization in U.S. Bankruptcy Court in Delaware and also reached a deal with certain note holders to restructure its debt and sell off certain assets.
The company also said it will lay off another 65 jobs in the United States and Europe, mostly through the shutdown of its Midland, Mich., manufacturing facility. That would leave Evergreen with about 68 workers according to a headcount listed in the bankruptcy filing.
This is what was touted on Obama’s White House site in 2009:
Thanks to the Obama Administration’s American Recovery and Reinvestment Act, real impact is already being felt across the state.
Because of the Stimulus Bill and New Contracts, Green Energy Companies Are Looking to Hire Many New Employees. “The clean-tech and green industries in Massachusetts are hiring. Companies looking to add employees include Aeronautica Windpower in Plymouth, lithium-ion battery maker Boston-Power Inc. in Westborough, and Conservation Services Group, also in Westborough… The workforce expansions are being partly spurred by the federal economic stimulus package, which includes billions for home energy-efficiency upgrades and an extension of a tax credit for renewable energy technologies such as wind power… Because of the stimulus bill as well as several new contracts, Cowell plans to add 200 more jobs this year. The company currently employs about 400 and does business in 22 states. At least 30 to 40 of the new jobs will be in Massachusetts, he said. ‘We’re sort of the tip of the iceberg,’ Cowell said. ‘A couple of hundred people will be hired here, but that means that 2,000 people will be hired at the local level to do the work that we spec out and help facilitate.’ … At Boston-Power, which makes the Sonata battery used in Hewlett-Packard’s notebook computers, vice president of marketing Sally Bament said she is looking to hire about two dozen people in marketing, sales, and other areas. Evergreen Solar, the Marlborough-based maker of solar panels, also is hoping to hire 90 to 100 people at a manufacturing plant in Devens, said Gary Pollard, vice president of human resources. Aeronautica Windpower, meanwhile, hopes to bring on between 50 and 100 employees to begin producing midscale wind turbines at a facility that the company hopes to open somewhere in the state this spring.” [The Boston Globe, 3/6/09]http://www.whitehouse.gov/progressreports/Massachusetts
Keynesian economics does not work.