Evergreen Solar’s (ESLR) JV With Q Cell May Declare Insolvency

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09:41:43 am on February 8, 2010

According to the Boston Business Journal, Evergreen Solar just announced that its German joint venture with Q Cell, Sovello, may be forced to declare insolvency after a European commission’s decision to revoke a $16.2 million grant the company was given in 2008. The grant was given to Sovello as a “small and medium enterprise,” and the commission found that Sovello concealed the true extent of its relationship with Q Cell to qualify.

Sovello is appealing the decision, but if they fail, Evergreen Solar will be on the hook for $8.1 million of the grant. Evergreen currently has $50 million in assets related to Sovello.

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