A US-based residential solar panel company that says one of its goals is to “help the planet” has filed for Chapter 11 bankruptcy protection.
Lumio is announcement The move came amid a “value-maximizing sale process,” Renewables Now reported on Tuesday.
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The website reported that the company had “signed a $100 million (€90.4 million) stalking horse asset purchase agreement with a leading senior secured lender.” The website continued:
The transaction was concluded with an affiliate of WhiteOak Global Advisors LLC, which has committed to acquire all of Lumio's assets in the form of a credit bid, and, if selected, will offer a significant equity stake to the company's employees, according to a press release.
According to Lumio WebsiteThe company's goal is to help people save money, help the planet, and achieve energy independence through the power of solar.
“Switching to solar power is a great option for anyone who wants to reduce their carbon footprint and contribute to a more sustainable future without spending a lot of money or sacrificing their lifestyle,” the site says. read.
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Riposte Alimentaire (via Storyful)
Meanwhile, it's worth noting that President Joe Biden (Democrat) rejected a bipartisan plan to reinstate U.S. tariffs on solar panels made in communist countries in May 2023, siding with questionable Chinese manufacturers, Breitbart News reported.
The media continues:
President Biden suspended tariffs on solar panels last year only after intense lobbying by the Solar Energy Industries Association (SEIA), which was found to represent Chinese solar power companies, some of which have been accused of using forced slave labor in the Xinjiang Uighur Autonomous Region.
From 2001 to 2018, free trade between the U.S. and China cost the U.S. economy 3.7 million jobs, including 2.8 million in U.S. manufacturing. During that same period, at least 50,000 U.S. manufacturing plants closed.
These massive job losses have coincided with a sharp rise in the US-China trade deficit.
In June 2023, solar installations increased across the U.S. “Easing panel supplies have allowed many stalled large projects to be completed and connected to the grid,” Fox Business said. Reported at that time.
The media outlet noted that the industry is “struggling as supplies of imported panels tighten due to the implementation of laws aimed at eliminating products made with forced labor.”
