Wednesday, March 7, 2012
Energy Innovations' Assets On The Block
The assets of Pasadena-based Energy Innovations are set to go up for auction on March 20th, according to auctioneer Heritage Global Partners, as the firm continues to wind down. Energy Innovations reportedly has been looking for a buyer since earlier this year for the business, which developed concentrating solar photovoltaic modules, aimed at the commercial rooftop market.
Energy Innovations--which had entered the solar market late--was backed by Idealab and Mohr Davidow Ventures. Heritage Global said the online auction of Energy Innovation's assets includes its high-tech manufacturing equipment, office furnishings and support equipment from the firm's Poway-based operations; the auction is being conducted under direction of Sherwood Partners, the technology startup liquidator, under an assignment for the benefit of creditors. Energy Innovations had originally been targeting the residential market with its CPV panels, which it had expected to be more efficient and cheaper than conventional solar panels; however, the firm failed to deliver its products before prices for PV modules dropped due to economies of scale, plus competition from China and thin film modules.