you tell me...
In a news release, the company said it hopes to reverse the situation that led to the decision, but SpectraWatt officials did not respond to requests for details.
Created with nearly $100 million in private and public investments and announced in April 2009, SpectraWatt ramped up quickly, creating jobs in the midst of high unemployment. It began production by March this year and became one of the brightest new lights in the Hudson Valley economy. Now it has blinked, and may well go out.
"You could have knocked me over," said John MacEnroe, president of the Dutchess County Economic Development Corp., which less than seven weeks ago hailed the company with a Business Excellence Award.
Charles North, president of the Dutchess County Regional Chamber of Commerce, said, "I'm certainly disappointed, and, actually, I'm shocked."
SpectraWatt was offered about $8 million in government subsidies to help get it started, along with at least $91.4 million in private investor support from Intel Capital and others. It could not be determined Tuesday how much of the public subsidy has been given so far to SpectraWatt and what liabilities, if any, were attached to the money. State officials and elected representatives could not be reached for comment Tuesday night.
The company said, "This action is undertaken in response to deteriorating market conditions resulting from a harsher-than-usual European winter causing a large drop-off in demand for solar cells."The company continues to pursue alternatives aimed at improving its current situation and hopes to reverse this action," the company said.
http://www.poughkeepsiejournal.com/a...plans-shutdown