SunPower panels. The company accounts for 10% of Satcon turnover
Among the world’s 10 largest makers of solar inverters, Satcon has struggled recently against rumours of ineffective management and quality issues – helping fuel a more than 92% crumbling of its share price since the beginning of the year.
The relentless beating its share price has taken has left the company with a market capitalisation of less than $7m, making it difficult to dredge up new sources of finance.
“This has been a difficult time for Satcon,” says chief executive Steve Rhoades.
The company hopes to continue operating as normal during the bankruptcy proceedings.
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