The company that was going to take the Hudson Valley by solar storm in May 2010 is in the process of laying off employees before it officially closes its doors in a few weeks.
A reversal of fortunes, said SpectraWatt officials in a prepared statement.
The photovoltaic panel manufacturer had set up shop in IBM”™s former East Fishkill facility, after making a $90 million private investment in the plant and receiving another $8 million in federal funding.
HVBiz reported in December that SpectraWatt blamed a business downturn on bad weather in Europe and declared it an ominous sign of weakness in American solar company prospects.
SpectraWatt and other local solar companies had shipped much of their production to countries that were encouraging solar power using government subsidies, notably in the European Union. But harsh winter weather and an uncertain economic climate have reportedly led some countries to curtail or end their subsidized solar energy programs.
The company, recognized by the Dutchess County Economic Development Agency with its Business Excellence award in 2010, will complete its layoff of the more than 150 persons employed at the 24/7 operation and be gone in May.
