Article

BP exits solar sector after numbers don't add up

A document announcing the decision to the 100 employees (including 36 in the US) who will be affected says changes in the solar industry have left BP unable to achieve sufficient margins in the sector. Employees were notified last week.

BP is preparing to wind down its BP Solar unit and sell-off the stakes it has in various projects around the world.

A document announcing the decision to the 100 employees (including 36 in the US) who will be affected says changes in the solar industry have left BP unable to achieve sufficient margins in the sector. Employees were notified last week.

"BP's goal is to profitably grow in specific segments of the energy industry," says a BP spokesman in the US. "... This decision was very difficult given the company's nearly 40 year history in solar energy" -- BP's traces its start in solar to Solarex, a company formed in 1973 to develop terrestrial solar applications from PV technology used on satellites -- "however the major global solar markets continue to experience tremendous challenges, which ultimately led the company to make this decision."

Another BP spokesman in the UK says the company determined over the last six months "that we can't make solar viable for BP".

BP is preparing to wind down its BP Solar unit and sell-off the stakes it has in various projects around the world.

A document announcing the decision to the 100 employees (including 36 in the US) who will be affected says changes in the solar industry have left BP unable to achieve sufficient margins in the sector. Employees were notified last week.

"BP's goal is to profitably grow in specific segments of the energy industry," says a BP spokesman in the US. "... This decision was very difficult given the company's nearly 40 year history in solar energy" -- BP's traces its start in solar to Solarex, a company formed in 1973 to develop terrestrial solar applications from PV technology used on satellites -- "however the major global solar markets continue to experience tremendous challenges, which ultimately led the company to make this decision."

Another BP spokesman in the UK says the company determined over the last six months "that we can't make solar viable for BP".


Source: http://nation.foxnews.com/b...

DEC 21 2011
http://www.windaction.org/posts/32739-bp-exits-solar-sector-after-numbers-don-t-add-up
back to top