Yet another solar panel factory failure. It seems that SoloPower is slowly circling the drain and on its way out they can call it “restructures operations” all they want but when their top Chief Technology Officer Mustafa Pinarbasi hitting the road and accepting a similar role at another California startup it’s not a good sign.Then we have Craig Cornelius, a managing director for SoloPower’s key private investor, New Jersey-based Hudson Clean Energy Partners, also resigned recently it looks to me like all the fat rats or getting out-of-town.
The sad part of this is The company, which state business recruiters won over in 2011, already has received a $10 million state energy loan backed in part by Portland funding and a $20 million manufacturing Business Energy Tax Credit that will pay $13.5 million in cash. The company is ultimately in line to benefit from nearly $58 million in state and local incentives, including tax breaks, a tax credit and loans will this pull it back , I don’t think so if its past is any kind of sign, The first line of product was supposed to slated for completion in April 2012. But missed goals forced executives to renegotiate a $197 million federal loan guarantee in January, The Oregonian reported earlier this month so I think this company will fail I could be wrong we will see.