DayStar cuts 20 jobs, moves to Calif.
|
|
|
HALFMOON, N.Y., May 16 Halfmoon, N.Y.-based DayStar Technologies Inc. will cut 20 jobs and move its base back to California after losing almost $18 million in the first quarter.The Times Union reported that the company had moved from California to Halfmoon in June 2004 with a $600,000 grant and up to $11 million in incentives from New York state.DayStar produces solar cells on a flexible film. The copper indium gallium diselenide, or CIGS, modules that DayStar has been developing are an alternative to silicon, which is in great demand.In a filing with the U.S. Securities and Exchange Commission, DayStar reportedly lost $17.9 million in the first quarter this year. The company said it will need to secure financing to establish a manufacturing line in California. In 2006, DayStar lost $20 million and had only minimal product revenue."We understand that DayStar Technologies has been having financial problems, and that it feels that as a strategic decision involving its future, it needs to move some of its employees from New York to work on a new technology being developed in California," said Dan Gundersen, upstate chairman of Empire State Development Corp. "Nevertheless, we will enforce the requirements of their commitment and aggressively seek to recapture funds advanced to the maximum extent." Copyright 2007 by UPI
|
|
|
|
|
|
Related News
Baltics reaffirm commitment to new nuclear plant
Vilnius - The prime ministers of three Baltic states said Friday they remained committed to the joint construction of a new nuclear power station for the region in which Poland will also have a share. After talks in the Lithuanian capital Vilnius, th...
India, Sweden hold talks on climate change, energy
New Delhi - Indian Prime Minister Manmohan Singh and his Swedish counterpart, Fredrik Reinfeldt, Thursday held talks on a wide range of issues in hopes of providing a fresh impetus to bilateral ties in the areas of trade, energy and environment. Sing...
EU's Barroso urges Ukraine to avoid disruptions in gas supplies
Brussels - European Commission President Jose Manuel Barroso on Thursday urged Ukraine to do everything in its power to prevent a repeat of last winter's gas crisis, in which a fight with Russia over money cut off supplies to much of Europe. Europea...
Iran favours purchase of nuclear fuel, envoy says - Summary
Vienna - Iran favours purchasing nuclear fuel for its research reactor, Tehran's UN ambassador in Vienna said Monday, indicating the country is reluctant to send uranium abroad for reprocessing. That would go against the concept favoured by the Unite...
Timor Sea oil rig catches fire
Sydney - A Thai oil exploration company said Sunday its leaking Timor Sea oil well had caught fire. The West Atlas drilling platform operated by PTTEP Australasia in the Montara field 690 kilometres west of Darwin has been leaking around 400 barrels ...
Lawmaker says Tehran reactor to be shut down
Tehran - A senior Iranian member of parliament said Saturday that Tehran's research reactor would be shut down in the near future, making the nuclear fuel deal with world powers irrelevant. The Tehran reactor will soon be replaced by the 40-megawatt...
ANALYSIS:Experts gloomy about Iranian uranium deal
Vienna - There is little hope that Iran will agree to an multinational deal to reduce its uranium stockpile, experts said Friday, as the plan has got caught up in Iran's fractious internal politics. While the United States, Russia and France have sai...
|
|
|
|
|
|
|
|
