07 Mar '12, 12am

CPV Startup Energy Innovations Auctioning Non-Core Assets

Last month, sources close to Energy Innovations told GTM that the firm would be acquired by a strategic investor in the next few weeks and that some form of debtor protection might have to be taken prior to the envisioned sale. There would seem to be far less to acquire once this auction takes place. Despite the protestations of CEO Joe Budano in that conversation, it doesn't appear as if Energy Innovations will end up with a strategic partner. Other than an auction house. The assets of Energy Innovations, a pioneering concentrated photovoltaic (CPV) company, will be auctioned off on March 20, 2012 by Heritage Global Partners. The "non-core assets" consist of "high-tech manufacturing equipment, office furnishings and support equipment." The process will be conducted by Sherwood Partners, undertaker and angel of death to ailing industries. When Sherwood shows up with a boot...

Full article: http://www.greentechmedia.com/articles/read/CPV-Startup-E...

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