Solar Firm NovaSolar Files for Chapter 11
NovaSolar Inc., the thin-film solar manufacturer that was created from the management and technology of failed solar firm OptiSolar, filed for chapter 11 protection on Friday, Dow Jones Newswires reported yesterday. Hayward, Calif.-based OptiSolar, which was founded in 2006 by one-time Hewlett Packard Chief Technology Officer Marvin Keshner, halted production in 2009 after being touted by then-California Gov. Arnold Schwartzenegger and not long after being awarded a large solar farm contract by PG&E Corp. First Solar purchased some of OptiSolar's contracts for $400 million that year, and NovaStar was formed with OptiSolar's other assets, including its management and intellectual property. Its sole shareholder is a Chinese company called Portcullis TrustNet. The company owes $3.5 million in unpaid wages to employees, according to court documents, including $137,145 to technology developer Marvin Keshner.