Applied Solar restructures operations, prepares for new financing
Logo of Applied Solar, Inc. Image courtesy of Applied Solar, Inc. Applied Solar Inc. announced May 22 that the company has started the process of restructuring its operations in compliance with a definitive loan and security agreement it has entered into with green venture capitalist The Quercus Trust.
Applied Solar received a short-term loan with The Quercus Trust for the amount of $698,000, which matures on June 15, 2009. In accordance with the terms, Applied Solar must file for reorganization with stipulations of Title 11 of the US Bankruptcy Code within thirty days following the date of the loan.
Applied Solar is currently pursuing additional financing from The Quercus Trust and other potential financiers. The company is looking for additional financing support for operations during its reorganization.
Applied Solar focuses on building-integrated photovoltaics (BIPV). The company first began with the acquisition of Solar Roofing Systems, which manufactures the SolarSave photovoltaic roofing membrane. Applied Solar also acquired Connect Renewable Energy for its PV-integrated roofing tiles. Applied Solar has since licensed its BIPV products to Suntech, which manufactures, sells, and distributes the BIPV products under the Suntech and Applied Solar brands. Applied Solar has also signed Eagle Roofing as its exclusive distributor of solar roofing tiles in North America. The company also has the proprietary EcoTouch Energy Management System to give users control and transparency over their electricity use.
Applied Solar, Inc. was formerly known as Open Energy Corporation. The company is based in Solana Beach, California. Applied Solar currently trades its stock on the OTCBB as APSO. The company’s stock was down 6.33% on the May 22 trading today, settling at $0.0281.
The Quercus Trust is a green industry fund led by former Wall Street hedge fund math whiz David Gelbaum.
- Mike R. Lopez
Sources:
1 Business Wire
2 http://www.appliedsolar.com