Solar Startup SoloPower Undergoes Restructuring, Cuts Workforce
It was only last fall when SoloPower began manufacturing at its new solar panel factory in Oregon and aimed to eventually make use of a federal loan guarantee to expand production. Now the company is undergoing restructuring to cut costs and that plan includes layoffs, SoloPower said Thursday.
The company issued a short statement about the plan after The Oregonian reported last night that the Silicon Valley startup is in trouble. The venture-backed company is laying off employees, and top executives have left the company recently, the newspaper reported.
“The restructuring includes a workforce reduction designed to trim costs and address market conditions as the company transitions from an R&D focus to commercial manufacturing and sales,” the company said in a statement.
SoloPower now joins a long line of solar equipment manufacturers worldwide who have struggled mightily to stay in business in the past two years. A glut of solar panels has caused prices to crash and forced dozens of manufacturers to either file for bankruptcies, idle production lines or scratch new factory plans. The impact of this imbalance of supply and demand has affected everyone from industry stalwarts such as First Solar and SunPower to startups such as Solyndra and Abound Solar.