SQN Capital Management pulls Suniva out of bankruptcy, wants to restart operations
In a brief press release, SQN Capital Management stated that former module manufacturer Suniva has been released from the bankruptcy process, and plans are in process to restart operations as soon as possible.
SQN acquired Suniva’s technology, licenses and facilities in Georgia and Michigan through a bankruptcy court after a buyer never materialized for the company. Suniva filed bankruptcy and asked the U.S. government for tariffs on imported solar modules in early 2017. Tariffs were placed on foreign solar cells and modules in February 2018, but Suniva was never able to recover.
Here’s an update on the solar industry after four months of tariffs.
SQN said it is “on the verge of determining which partner will provide the best path to revitalizing the company and meeting the overwhelming demand for Suniva’s high-quality, high-efficiency products.”
“It has been a long year but a fight worth fighting,” said Jeremiah Silkowski, CEO of SQN Capital Management. “We are pleased now to have multiple attractive options as we look toward Suniva’s future.”