Keeping track of failing solar companies in 2011 and 2012 bordered on full-time work. That was when solar manufacturing overcapacity and price pressure brutally culled the field. The 2014 dead pool is much smaller and much less painful to view.
This is an updated list of (mostly U.S. and EU) solar companies that have closed, gone bankrupt, become insolvent, ended up in assignment for benefit of creditors, or have been acquired in less than positive circumstances. Although there is a macabre element to this list, it's actually positive news for the industry. The solar companies left standing in 2015 are the firms with effective business plans and value to add to the marketplace. The survivors made it through the bottleneck of the early 21st century solar market.
Here's the updated list of the solar firms that have fought the good fight but have moved on.
2014
Bankrupt, closed
Areva's solar business (CSP) closed -- Suffering through a Fukushima-inspired slowdown in reactor sales, Areva exited its concentrated solar power business. Areva's solar unit consisted of the remains of the acquired startup Ausra.
HelioVolt (CIGS thin-film PV) closed -- HelioVolt was founded in 2001 and aimed to fabricate CIGS solar panels. Thirteen years and more than $200 million in VC later, HelioVolt had shipped no commercial product and finally admitted defeat. A thin-film expert offered this take: "Founded on the idea of a transfer process (FAST) which never worked, HelioVolt went to a two-step process and finally adapted co-evaporation. However, the co-evaporation process the firm decided to copy was that of Solibro -- using point sources and an upward deposition orientation -- something with severe limitations in manufacturing."
LDK (vertically integrated module builder) filed for bankruptcy
Masdar PV (a-Si) closed its SunFab-based amorphous silicon PV factory in Germany.
SolarMax (PV inverters) -- Swiss inverter maker SolarMax's parent firm, Sputnik Engineering, filed for insolvency.
Sopogy (small-scale CSP) closed -- Sopogy promised smaller-size CSP for the distribution grid or even the rooftop. The startup collected more than $35 million in VC and strategic financing from investors including Southern California Gas Company, 3M, Mitsui & Co., Kolohala Ventures, Enerdigm Ventures, Black River Ventures, Pierre Omidyar and TWC.
TEL (a-Si) withdrew from its a-Si solar business -- In 2012, the a-Si equipment division of Oerlikon was divested to Tokyo Electron (TEL) in a $275 million deal. In 2014, TEL withdrew from the PV panel production equipment business. Low efficiencies (below 11 percent), high costs, and cheap Chinese panels doomed a-Si and Oerlikon's effort.
Xunlight (a-Si) went bankrupt -- Xunlight was adept at winning tax credits and government grants but never commercialized its roll-to-roll a-Si BIPV technology.
Acquisition, sale
Emcore's CPV business -- Suncore acquired the remaining interest in Emcore's CPV business.
RSI (CdTe PV panels) sold to Chinese strategic -- RSI, a VC-funded cadmium telluride thin-film solar module startup formerly known as Reel Solar, was acquired by an undisclosed "Chinese strategic," according to the company's CEO. RSI employs an electroplating process that works at a lower temperature than First Solar's and allows the use of larger glass sizes with an electrodeposition technology "inherited from Monosolar." According to the CEO's viewpoint, larger glass sizes drive down installed costs.
Solar Junction (CPV semiconductors) sold to Saudi strategic -- Solar Junction raised more than $30 million from VC investors ATV, DFJ and NEA, but was sold to Saudi entity KACST and one of its investment arms, TAQNIA, according to sources close to the company. Solar Junction had developed record-setting triple-junction solar cells.
SAG Solarstrom, a bankrupt PV project developer, was sold to Shunfeng Photovoltaic, the owner of PV panel builder Suntech, in an $85 million deal. Germany's SAG Solarstrom ranked among the top ten of PV O&M providers in the world in 2013.
Watch list
Concentrated photovoltaic companies that are not SunPower, Soitec or Suncore
Concentrated solar power companies that are focused solely on CSP for utility-scale electricity
And here's the collection from previous years.
2009 to 2010
Bankrupt, closed, acquired
Advent Solar (emitter wrap-through Si) acquired by Applied Materials
Applied Solar (solar roofing) acquired by Quercus Trust
OptiSolar (a-Si on a grand scale) -- OptiSolar’s utility projects were acquired by First Solar; its manufacturing line was sold to NovaSolar.
Ready Solar (PV installation) acquired by SunEdison
Solasta (nano-coaxial solar) closed
SV Solar (low-concentration PV) closed
Senergen (depositing silane onto free-form metallurgical-grade Si substrates) closed
Signet Solar (a-Si) bankrupt
Sunfilm (a-Si) bankrupt
Wakonda (GaAs) acquired by Siva
2011
Bankrupt, closed
EPV Solar (a-Si) bankrupt
Evergreen (drawn Si) bankrupt
Solyndra (CIGS) bankrupt
SpectraWatt (c-Si) bankrupt
Stirling Energy Systems (dish engine) bankrupt
Acquisition, sale
Ascent Solar (CIGS) acquired by TFG Radiant
Calyxo (CdTe) acquired by Solar Fields from Q-Cells
HelioVolt (CIGS) acquired by Korea's SK Innovation
National Semiconductor Solar Magic (panel optimizers) exited systems business
NetCrystal (silicon on flexible substrate) acquired by Solar Semiconductor
Soliant (CPV) acquired by Emcore
2012
Bankrupt, closed
Abound Solar (CdTe) bankrupt
AQT (CIGS) closed
Ampulse (thin silicon) closed
Arise Technology (PV modules) bankrupt
Azuray (microinverters) closed
BP (c-Si panels) exits solar business
Centrotherm (PV manufacturing equipment) bankrupt and restructured
CSG (c-Si on glass) closed by Suntech
Day4 Energy (cell interconnects) delisted from TSX exchange
ECD (a-Si) bankrupt
Energy Innovations (CPV) bankrupt
Flexcell (a-Si roll-roll BIPV) closed
Gadir Solar (a-Si PV) Spain-based customer of Oerlikon Solar closed
GlobalWatt (solar) closed
GreenVolts (CPV) closed
G24i (DSCs) bankrupt in 2012, re-emerged as G24i Power with new investors
Hoku (polysilicon) shut down its Idaho polysilicon production facility
Inventux (a-Si) bankrupt
Konarka (OSCs) bankrupt
Odersun (CIGS) bankrupt
Pramac (a-Si panels built with equipment from Oerlikon) insolvent
Pairan (Germany inverters) insolvent
Ralos (developer) bankrupt
REC Wafer (c-Si) bankrupt
Satcon (BoS) bankrupt
Schott (c-Si) exits c-Si business
Schuco (a-Si) shutting down its a-Si business
Sencera (a-Si) closed
Siliken (c-Si modules) closed
Skyline Solar (LCPV) closed
Siemens (CSP, inverters, BOS) divestment from solar
Solar Millennium (developer) insolvent
Solarhybrid (developer) insolvent
Sovello (Q-Cells, Evergreen, REC JV) bankrupt
SolarDay (c-Si modules) insolvent
Solar Power Industries (PV modules) bankrupt
Soltecture (CIGS BIPV) bankrupt
Sun Concept (developer) bankrupt
Acquisition, fire sale, restructuring
Oelmaier (Germany inverters) insolvent, bought by agricultural supplier Lehner Agrar
Q-Cells (c-Si) insolvent, acquired by South Korea's Hanwha
Sharp (a-Si) backing away from a-Si, retiring 160 of its 320 megawatts in Japan
Solibro (CIGS) Q-Cells unit acquired by China's Hanergy
Solon (c-Si) acquired by UAE's Microsol
Scheuten Solar (BIPV) bankrupt, then acquired by Aikosolar
Sunways (c-Si, inverters) bought by LDK, restructuring to focus on BIPV and storage
2013
Bankrupt, closed
Array Converter (Module-level power electronics) bankrupt, IP to VC investor
Avancis (CIGS) discontinuing production
Bosch (c-Si PV module) exits module business
Concentrator Optics (CPV) bankrupt
Cyrium (CPV semiconductors) bankrupt
Direct Grid (microinverters) closed
GreenRay (microinverters) closed
Helios Solar (c-Si modules) bankrupt
Hoku Solar (silicon) bankrupt
Honda Soltec (CIGS thin-film modules) closing
Infinia (Stirling engine CSP) bankrupt
Nanosolar (CIGS) closed
Pythagoras Solar (BIPV) closed
Solarion (CIGS) went bankrupt but restructured and in limited production
SolFocus (CPV) bankrupt
Sunsil (module level electronics) closed
Suntech Wuxi (c-Si) bankrupt
Tioga (project developer) closed
Willard & Kelsey (CdTe panels) bankrupt
ZenithSolar (CHP) bankrupt
Acquired
Agile Energy (project developer) acquired by RES Americas
Bosch (c-Si PV module) acquired by SolarWorld
Diehl (Germany inverters) inverter division sold to PE firm mutares AG
Conergy (c-Si module) -- Astronergy, a part of China's Chint Group, acquired Conergy's PV module manufacturing assets. Kawa Capital Management purchased the solar projects business.
GE-Primestar (CdTe technology acquired from PrimeStar) acquired by First Solar
Global Solar Energy (CIGS) acquired by Hanergy
Infinia (Stirling engine CSP) assets acquired by Israel's Qnergy
MiaSolé (CIGS) acquired by China's Hanergy
NuvoSun (CIGS) acquired by Dow
Suntech Wuxi (c-Si) acquired by Shunfeng Photovoltaic International for $492 million
Twin Creeks (kerfless Si) IP and other assets acquired by GT Advanced Technology
Wuerth Solar (installer) business turned over to BayWa
Wuerth Solar (CIGS line) taken over by Manz
ZenithSolar (CHP) acquired by Suncore