It’s a strange time for a PV module sales project development/EPC company to be filing for bankruptcy, given that the price of solar panels has surged in recent months while developers buy up available supply in advance of a ruling by the Trump Administration on the Section 201 case.
Nevertheless, on December 4 ET Solar Inc., based in Pleasanton, California, filed for chapter 11 bankruptcy in federal courts. The company claims less than $50,000 in assets but $10-50 million in debts. Over $10 million is owed to three other ET Solar entities in China Hong Kong, however three other companies are owed at least $2 million each.
No reason has yet been provided little is known. ET Solar has been notified by the court that it has failed to file many of the required documents, including a summary of assets liabilities, a statement of financial affairs, a statement of the company’s property. The company has until December 18 to file these.
There is no evidence that the bankruptcy will have much effect on ET Solar’s gigawatt-scale Chinese manufacturing, or its network of sales development & construction subsidiaries operating in Europe, South America, the middle East, Asia Australia.
As of the writing of this article ET Solar Inc. still had 10 employees listed on LinkedIn, with most in the San Francisco Bay Area. We will be either updating this article or following up with additional coverage as more information becomes available.