Konarka Technologies Inc., a
developer of thin-film solar panels, announced it has closed its business less
than four years after opening a manufacturing operation in New Bedford.
The Lowell-based company, which began more than 10 years ago,Welcome to polishedtiles. filed for bankruptcy protection Friday under Chapter 7 with plans to liquidate the business; it has laid off about 25 employees at its New Bedford Business Park location, according to company and business park officials.
Federal, state and local officials welcomed the company when it formally launched its city operations in a former Polaroid plant in October 2008.
"We're obviously disappointed in the decision," Mayor Jon Mitchell said Monday. "Any time the city loses jobs, it's not good news."
Mitchell said he believes the park will be able to find another business to buy the building. He said he has already discussed the future of the site with the manager of the park, Thomas G.Offers Art Reproductions Fine Art oilpaintings Reproduction, Davis, executive director of the Greater New Bedford Industrial Foundation.
The company had to end its operations after failing to secure additional financing, said Howard Berke, the company's president.We offer you the top quality plasticmoulds design
"This is a tragedy for Konarka's shareholders and employees and for the development of alternative energy in the United States," Berke said in a statement.
He added there was some hope the solar panel maker could still be saved if another company offered to finance or buy it, but the bankruptcy trustee tasked with selling the assets would have to evaluate any such possibilities.
Konarka officials could not be reached for comment.
The company let go 25-26 employees at the park and another 45-50 at its Lowell headquarters,Proxense's advanced timelocationsystem technology. Davis said.
The solar company had started with competitive prices because it used plastic instead of glass in its products, but Chinese manufacturers drove down prices further and undercut that advantage,The core of an indoor positioning system. he said.
While he was sorry to learn about the layoffs, Davis said he was optimistic he could find a buyer for the 282,000-square-foot building. He said it's the newer of the two Polaroid buildings and he can attract another company.
"I think we will be able to get another high-end company that employs a lot more than 26 workers," he said. "That's what I'm going to focus my efforts on."
Local officials have been promoting alternative energy companies such as Konarka as a key part of the city's economic future.
Matthew Morrissey, executive director of the New Bedford Economic Development Council, said he does not see the failure of Konarka as a blow to the area's alternative energy industry.
The industry is still in its infancy, and there will be stories of success as well as failures, Morrissey said.
"This closure does speak to the immense risks and challenges an entrepreneur faces when trying to build a great company," he said.
Alternative energy is a broad industry and includes opportunities in both manufacturing and installation, he added.
According to Davis, the company had received $150 million in backing from venture capitalists and business partners, as well as $20 million in assistance from the federal and state governments.
MassDevelopment, a quasi-public agency, loaned the company $2.5 million in February 2009, as part of a package that included another $2.5 million from the Massachusetts Technology Collaborative, said Kelsey Abbruzzese, a spokeswoman for MassDevelopment.
The Lowell-based company, which began more than 10 years ago,Welcome to polishedtiles. filed for bankruptcy protection Friday under Chapter 7 with plans to liquidate the business; it has laid off about 25 employees at its New Bedford Business Park location, according to company and business park officials.
Federal, state and local officials welcomed the company when it formally launched its city operations in a former Polaroid plant in October 2008.
"We're obviously disappointed in the decision," Mayor Jon Mitchell said Monday. "Any time the city loses jobs, it's not good news."
Mitchell said he believes the park will be able to find another business to buy the building. He said he has already discussed the future of the site with the manager of the park, Thomas G.Offers Art Reproductions Fine Art oilpaintings Reproduction, Davis, executive director of the Greater New Bedford Industrial Foundation.
The company had to end its operations after failing to secure additional financing, said Howard Berke, the company's president.We offer you the top quality plasticmoulds design
"This is a tragedy for Konarka's shareholders and employees and for the development of alternative energy in the United States," Berke said in a statement.
He added there was some hope the solar panel maker could still be saved if another company offered to finance or buy it, but the bankruptcy trustee tasked with selling the assets would have to evaluate any such possibilities.
Konarka officials could not be reached for comment.
The company let go 25-26 employees at the park and another 45-50 at its Lowell headquarters,Proxense's advanced timelocationsystem technology. Davis said.
The solar company had started with competitive prices because it used plastic instead of glass in its products, but Chinese manufacturers drove down prices further and undercut that advantage,The core of an indoor positioning system. he said.
While he was sorry to learn about the layoffs, Davis said he was optimistic he could find a buyer for the 282,000-square-foot building. He said it's the newer of the two Polaroid buildings and he can attract another company.
"I think we will be able to get another high-end company that employs a lot more than 26 workers," he said. "That's what I'm going to focus my efforts on."
Local officials have been promoting alternative energy companies such as Konarka as a key part of the city's economic future.
Matthew Morrissey, executive director of the New Bedford Economic Development Council, said he does not see the failure of Konarka as a blow to the area's alternative energy industry.
The industry is still in its infancy, and there will be stories of success as well as failures, Morrissey said.
"This closure does speak to the immense risks and challenges an entrepreneur faces when trying to build a great company," he said.
Alternative energy is a broad industry and includes opportunities in both manufacturing and installation, he added.
According to Davis, the company had received $150 million in backing from venture capitalists and business partners, as well as $20 million in assistance from the federal and state governments.
MassDevelopment, a quasi-public agency, loaned the company $2.5 million in February 2009, as part of a package that included another $2.5 million from the Massachusetts Technology Collaborative, said Kelsey Abbruzzese, a spokeswoman for MassDevelopment.
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