Evergreen is sucking wind

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Fatawan
Fatawan Solar Expert Posts: 71 ✭✭✭
in Solar Product Reviews & Opinions #1
Sounds like it is a good time to be a solar consumer, and a bad time to be a solar panel manufacturer

http://blogs.forbes.com/ericsavitz/2011/04/27/evergreen-solar-warns-it-may-need-cash-soon-shares-swoon/?partner=yahootix
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  • russ
    russ Solar Expert Posts: 593 ✭✭
    #2
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    Re: Evergreen is sucking wind

    You mean a bad time to be a solar PV manufacturer that -

    1) is not highly efficient,

    2) doesn't have first class management,

    3) have at least some small thing that the competition doesn't yet have.

    Russ
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  • SteveK
    SteveK Solar Expert Posts: 387 ✭✭
    #3
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    Re: Evergreen is sucking wind

    4) Gets injection of $110,000,000 from the taxpayer and then uses that to move manufacturing to China.

    Good riddence Evergreen...
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  • mike95490
    mike95490 Solar Expert Posts: 9,583 ✭✭✭✭✭
    #4
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    Re: Evergreen is sucking wind

    too bad they coudl not run a business, the string process is good.
    Powerfab top of pole PV mount | Listeroid 6/1 w/st5 gen head | XW6048 inverter/chgr | Iota 48V/15A charger | Morningstar 60A MPPT | 48V, 800A NiFe Battery (in series)| 15, Evergreen 205w "12V" PV array on pole | Midnight ePanel | Grundfos 10 SO5-9 with 3 wire Franklin Electric motor (1/2hp 240V 1ph ) on a timer for 3 hr noontime run - Runs off PV ||
    || Midnight Classic 200 | 10, Evergreen 200w in a 160VOC array ||
    || VEC1093 12V Charger | Maha C401 aa/aaa Charger | SureSine | Sunsaver MPPT 15A

    solar: http://tinyurl.com/LMR-Solar
    gen: http://tinyurl.com/LMR-Lister ,

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  • XRinger
    XRinger Solar Expert Posts: 529 ✭✭✭
    #5
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    Re: Evergreen is sucking wind

    "Evergreen Solar Warns It May Need Cash Soon; Shares Swoon"...

    Well, this seems like a problem.. But not to worry, the Obama administration will likely Bail them out..
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  • Cariboocoot
    Cariboocoot Banned Posts: 17,615 ✭✭✭
    #6
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    Re: Evergreen is sucking wind

    Getting a bit political, boys. You know we frown on that. :cool:
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  • XRinger
    XRinger Solar Expert Posts: 529 ✭✭✭
    #7
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    Re: Evergreen is sucking wind
    Cariboocoot wrote: »
    Getting a bit political, boys. You know we frown on that. :cool:

    Well, it's that $110,000,000 giveaway that us Mass taxpayers footed the bill for..
    That kinda gets us upset at the political hacks..

    Around here, Evergreen has become a dirty word.. :grr
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  • rollandelliott
    rollandelliott Solar Expert Posts: 834 ✭✭
    #8
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    Re: Evergreen is sucking wind

    that's really too bad! hope they survive. more solar!
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  • SteveK
    SteveK Solar Expert Posts: 387 ✭✭
    #9
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    Re: Evergreen is sucking wind

    Yes it is too bad for those that have a warranty with them. There are plenty of capable and properly run companies out there that can stand on their own two feet without hand-outs. And no lack of panels produced by them on the market.

    Evergreen obviously isn't one of those upstanding companies.

    My post above may read that I'm some sort of foreign panel basher. I'm not. I bought imported Chinese panels, made by a Chinese company with Chinese labor. Got them cheap so warranty to the wind.....
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  • Windsun
    Windsun Solar Expert Posts: 1,164 ✭✭
    #10
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    Re: Evergreen is sucking wind

    Nobody has publicly said anything, but I suspect that Evergreen is a buyout candidate. It's stock valuation is getting so low that some big outfit like GE or Exxon could buy it with pocket change.

    The company may be poorly run, but it does have some valuable patents. I doubt that the Evergreen name will go away soon, but it may be under new ownership.
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  • Fatawan
    Fatawan Solar Expert Posts: 71 ✭✭✭
    #11
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    Re: Evergreen is sucking wind
    Windsun wrote: »
    Nobody has publicly said anything, but I suspect that Evergreen is a buyout candidate. It's stock valuation is getting so low that some big outfit like GE or Exxon could buy it with pocket change.

    The company may be poorly run, but it does have some valuable patents. I doubt that the Evergreen name will go away soon, but it may be under new ownership.

    With Total's buy in of Sunpower today, that is not far-fetched at all.
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  • Fatawan
    Fatawan Solar Expert Posts: 71 ✭✭✭
    #12
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    Re: Evergreen is sucking wind

    http://blogs.forbes.com/ericsavitz/2011/05/13/for-evergreen-solar-dark-days-seeking-more-cash-shrs-fall/?partner=yahootix

    More trouble
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  • Joe_B
    Joe_B Solar Expert Posts: 318 ✭✭✭✭✭✭
    #13
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    Re: Evergreen is sucking wind

    Another Massachusetts miracle:grr
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  • nvyseal
    nvyseal Solar Expert Posts: 108 ✭✭✭✭
    #14
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    Re: Evergreen is sucking wind

    Bad News...

    Evergreen Solar Files Chapter 11; Stock Likely Headed For Zero.

    Evergreen Solar shares are down more than 60% Monday after the company filed a Chapter 11 bankruptcy in federal court in Delaware. The stock seems likely to expire worthless.

    In connection with the filing, the struggling solar company said it reached a deal with holders of more than 70% of its outstanding 13% convertible senior secured notes to start a restructuring process that will include the sales of the company’s String Ribbon silicon wafer technology business. A company created by the noteholders called ES Purchaser will serve as a stalking horse bidder for the company’s assets.

    Evergreen said day-to-day operations will go on, and that it will continue to pay suppliers and vendors.

    As part of the reorganization, the company will cut 65 jobs in the U.S. and Europe, including suspension of operations at its Midland, Michigan plant.

    Here’s the nut of the story for investors: Evergreen said that “based upon the estimated value of the company’s assets, the assets are expected to be insufficient to satisfy all its obligations to its creditors. Accordingly, it is expected that no distributions will be made to holders of common stock and the common stock will be extinguished upon consummation of the Chapter 11 plan.”

    http://www.forbes.com/sites/ericsavitz/2011/08/15/evergreen-solar-files-chapter-11-stock-likely-headed-for-zero/
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  • Solar Guppy
    Solar Guppy Solar Expert Posts: 1,989 ✭✭✭
    #15
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    Re: Evergreen is sucking wind

    In English, they stay in business, keep making panels and the most investors get nothing ( just like GM BK)

    In a year they will issue new stock, have little if any debts and make money even with sub-watt panel pricing ... saw this coming long ago, they aren't the first and most certainly won't be the last
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  • solartek
    solartek Solar Expert Posts: 69 ✭✭✭✭
    #16
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    Re: Evergreen is sucking wind

    And likely void any previous module warranty coverage to boot.

    Scott.
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  • niel
    niel Solar Expert Posts: 10,300 ✭✭✭✭
    #17
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    Re: Evergreen is sucking wind
    Solar Guppy wrote: »
    In English, they stay in business, keep making panels and the most investors get nothing ( just like GM BK)

    In a year they will issue new stock, have little if any debts and make money even with sub-watt panel pricing ... saw this coming long ago, they aren't the first and most certainly won't be the last

    after this, who is going to trust them either in the stock market or with the pvs? they can go without being in the market and they can make pvs, but the price would need to be very enticing i think.

    as i said some time back, they shot themselves in the foot. although, they may be able to pull it off in the future, but it will be harder on them than an up and coming company with no track record at all.
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  • monoloco
    monoloco Solar Expert Posts: 103 ✭✭
    #18
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    Re: Evergreen is sucking wind

    I own stock in Evergreen, unfortunately, the brokerage commission to sell it is more than the value of the stock.
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  • rollandelliott
    rollandelliott Solar Expert Posts: 834 ✭✭
    #19
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    Evergreen is dead All assetts being auctioned off.

    http://www.hilcoind.com/sales/sale.asp?SALE_ID=2144&SALE_REFERENCE_ID=GFTJMZBQBH91520119340

    if you live in Belgium and want to buy a minimum of 50KW of panels you might be able to get some good deals. I'm guessing Sunelec will be buying some and reselling in the USA.

    It's really sad that BP solar, Solyndra, and now Evergreen have been auctioned off. I guess on the bright side if you are looking to start up a Solar Panel manufacturing company you could of scored some really good deals.
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