The sun could be shining again on a Robbinsville-based developer of photovoltaic products. According to an SEC filing earlier this month, a company established by EPV Solar Inc. — Phoenix Solar Holdings Corp. — has closed on $3.58 million in an equity financing round that attracted seven investors.
This is especially good news for EPV, which was forced to file Chapter 11 bankruptcy this past February. The company, which designs, develops, manufactures, and markets amorphous silicon (a-Si) thin-film photovoltaic (PV) solar modules for the renewable energy market, was founded in 1991 and became one of the industry’s most promising solar companies. Its peak came when EPV raised $77 million in 2007 and was able to finance a nearly 400-person staff.
But the market for EPV’s thin-film product never came through and the company was quickly saddled with a lot of supply, but little demand. In February the company filed for Chapter 11, claiming it had more than $10 million in unsecured debt. Almost all the newly hired staff had to be let go and the company’s future was in doubt.
Phoenix Solar Holdings is the first new venture for EPV since the bankruptcy filing. EPV principals named in the filing of the SEC statement are CEO Tom Werthan, Howard Brodie, vice president and secretary, and COO Robert Bryan. Other investors include David Kay, John Small, and T.J. Glauthier, president of TJG Energy Associates of California and former deputy secretary and COO of the U.S. Department of Energy.
Werthan joined EPV in 2007 from Emcore Corp. Prior to that, he was associated with the Russell Group, a venture capital partnership, and served as chief operating officer and chief financial officer for Audio Visual Labs Inc., a manufacturer of multimedia and computer graphics equipment.
Brodie and Bryan also previously held executive positions at Emcore Group.
#b#EPV Solar Inc#/b#., 8 Marlen Drive, Robbinsville 08691; 609-587-3000; fax, 609-587-5355. Thomas Werthan, CEO. www.epvsolar.com.
