#GREENFAIL: Energy Conversion Devices files for bankruptcy as solar energy lags. “In the latest se…

#GREENFAIL: Energy Conversion Devices files for bankruptcy as solar energy lags. “In the latest setback for the solar energy industry, Auburn Hills-based Energy Conversion Devices said today that it has filed for Chapter 11 bankruptcy and intends to sell its assets, including its main subsidiary United Solar Ovonic. . . . The bankruptcy follows an unsuccessful effort by ECD to find additional capital. In November, the money-losing company suspended manufacturing to cope with high inventory levels and announced the layoffs of 500 employees. Its sales have suffered from cutbacks in solar energy incentives in Europe and a worldwide glut of solar panels. Analysts also said the company’s technology was no longer competitive.”

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#GREENFAIL: Energy Conversion Devices files for bankruptcy as solar energy lags. “In the latest se…