New York Solar Panel Factory to Close Less Than a Year After Startup

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Researched by Industrial Resources (Sugar Land, Texas)--SpectraWatt's (Hopewell Junction, New York) manufacturing facility in Hopewell Junction, which operates two photovoltaic manufacturing lines, is preparing to close, less than one year after its grand opening ceremonies. SpectraWatt's primary focus was the development of efficient photovoltaic cells for solar panels.

Twelve months ago, the company was awarded $8 million in government subsidies and $91.4 million in funding from investors including Cogentrix Energy LLC (Charlotte, North Carolina) and Intel Capital (Santa Clara, California). News of the closure came as a shock and surprise to investors and the community of Hopewell Junction. The company experienced a sharp decline in demand, as well as a significant drop in prices for traditional solar panels.

CEO Andrew Wilson and Plant Manager Richard Haug are both saddened at the decision to close the plant and the loss of jobs. The factory is scheduled to close April 11, 2011. The entire workforce will be eliminated, leaving more than 100 workers without jobs. Layoffs will begin as early as March 2011.

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