Spire Corporation (Nasdaq: SPIR) and Gloria Solar of Tainan, Taiwan, a PV module manufacturer, have reached an agreement to liquidate their joint venture, Gloria Spire Solar, LLC, (GSS) which performed PV systems integration within the United States.
Spire and Gloria decided to dissolve the company as a result of the pause in the market for PV systems, according to a statement.
The companies agreed to an allocation of the remaining assets of GSS including cash, after all liabilities have been paid. Each company will also receive a share of project leads. Spire Solar Systems will continue to support the current customer base.
Spire will re-establish this business as “Spire Solar Systems” which will continue to provide PV systems integration for the U.S. market. Spire Solar Systems will be located at Spire’s headquarters in Bedford, Massachusetts. To maintain continuity with the existing client base, it will be staffed by several key employees from GSS and will operate under Stephen Hogan, Executive Vice President and General Manager of Spire Corporation, as acting CEO of Spire Solar Systems.
“This new direction will free Spire to develop new opportunities emerging rapidly in the U.S. systems market, stimulated by the federal funding,” said Roger G. Little, Chairman and CEO of Spire Corporation. “Also, Spire Solar Systems can provide an outlet for modules manufactured by our turnkey module line customers.”
In April 2009, Spire announced that its subsidiary Spire Semiconductor, LLC was awarded $3.7 million from Department of Energy’s National Renewable Energy Laboratory to develop next-generation manufacturing technology to produce 42% efficient III-V three junction tandem concentrator solar cells.
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