Bankable or Bust: The Suniva Bankruptcy
In 2007, Georgia Tech spun off a made-in-America solar company named Suniva, which went on to enjoy a string of successes in raising venture capital and acquiring government incentives. However, it has faced the same problem pervading all western PV manufacturing in the last few years—a flood of cheaper PV cells and modules from foreign manufacturers.
On April 17th, Suniva declared Chapter 11 bankruptcy, and this after cutting loose nearly 200 employees and closing its manufacturing plant in Michigan in the preceding weeks. Suniva simply could not compete against both the tide of competitive products and the fact that China and the U.S. continue scaling back subsidies for renewables, which has further affected the supply/demand balance. (Click here for our forecast on the changing state of solar incentives in the U.S.)
We at Simpleray are very deliberate in choosing which products and companies to endorse. By its very nature, solar energy is a long-term investment. When we offer products and services, we want to know as much as you do that you’re going to be taken care of for the entirety of that investment, and even beyond. It’s all well and good that a solar supplier offer a 25-year warranty, but if the company offering it won’t be around that long, it’s not worth your trust and investment, or ours. We’re devoted to offering dependable, bankable products.
We only endorse products from suppliers we believe are as durable as good products should be—bankable suppliers like Silfab, Hyundai, and LG. We feel confident that these companies will stand by their products for the long haul, and that investors in solar energy can proceed with confidence.