Evergreen Solar Inc. filed for Chapter 11 bankruptcy protection yesterday, completing a stunning reversal of fortune for a high-flying alternative-energy company that once seemed to herald a new era for the Massachusetts economy.
The Marlborough company developed an efficient process for making silicon wafers used in solar panels, one that promised to lower the cost of solar power and bring new manufacturing jobs to the state. At its peak, Evergreen employed roughly 900 people locally and attracted more than $50 million in state support, as its stock price soared above $100 a share.
Yesterday, Evergreen’s stock closed at 18 cents. The company shuttered its manufacturing plant in Devens earlier this year and now has only 85 employees left. Massachusetts is one of its top creditors, owed $1.5 million in rent.
Evergreen spokesman Michael McCarthy said Evergreen just couldn’t respond fast enough as its Chinese competitors built cheaper products, forcing solar panel prices to drop rapidly over the past few years.
Read More: Evergreen files Chapter 11 via Boston.com