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Advent Solar Cuts 55 Workers: Company Reduced To 39 Employees(Albuquerque Journal (NM) Via Acquire Media NewsEdge) Jan. 17--Albuquerque-based Advent Solar laid off 55 people Friday -- more than half the company's personnel -- saying it was unable to raise the money needed to move into commercial-scale production of its products. The reduction trims the solar energy manufacturer's workforce to 39, chief financial officer Richard Trueblood told the Journal. Most of the affected employees were in the manufacturing and support function groups. Trueblood said the company was on the brink of moving from the research and development stage and limited production of its products to commercial-scale production. Late last summer, the company began trying to seek capital to acquire solar cell and module manufacturing equipment. "But very early in September, the credit crisis was upon us and it just got worse," Trueblood said. "We talked to many, many people and pursued about every avenue we could to move forward. The market was just not there." Advent will provide eight weeks of salary and health care for employees who were laid off. "We've got a wonderful product, and great employees who did a wonderful job," Trueblood said. "It's unfortunate to find ourselves where we are." The company will pursue licensing its technology. The company also will focus its research and development efforts on the next generation of solar technologies, and could review its options for manufacturing once capital becomes available again. In March 2008, Advent Solar laid off 68 manufacturing employees, leaving about 78 workers at that time. It said those cuts were necessary to allow time for research into a larger solar cell the company expected to begin making this year. The company, which began operations in 2003, laid off 27 people in September 2007. Advent Solar designs silicon-based photovoltaic cells and modules under the trademark Ventura Technology. To see more of the Albuquerque Journal, or to subscribe to the newspaper, go to http://www.abqjournal.com. Copyright (c) 2009, Albuquerque Journal, N.M. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |