Bankrupt SpectraWatt to auction off equipment and facility Sept. 28

Just about two weeks ago, photovoltaic manufacturer SpectraWatt declared bankruptcy. And a little more than two weeks from now, Heritage Global Partners will auction off SpectraWatt’s manufacturing equipment and facility in Hopewell Junction, N.Y.

The auction will be held Sept. 28 from 10 a.m. to 5 p.m. EDT. Interested bidders can participate in person or online, according to Heritage. The facility and its equipment will be open for inspection by potential buyers by appointment and on Sept. 26 and 27, from 9 a.m. to 4 p.m.
The turnaround from bankruptcy to auction happened quickly.

“We were in there ahead of the filing to inventory and catalog the equipment and get the marketing effort done ahead of the bankrupt filing,” said Heritage Vice President Bruce Costello.

The turnaround was done quickly in an attempt to appease creditors looking for a turn around on SpectraWatt’s assets, he said.

Heritage has had experience with other solar companies.

“We’ve been working with quite a few solar companies. So this isn’t our first go around,” Costello said. “We’ve done quite a bit of work with companies like BP Solar and Solaria, and some other big companies in the news right now.”

The facility is a 140,000 square-foot fully automated, silicon photovoltaic manufacturing and research facility with one line installed and the potential for more, Costello said.

“The capacity can go up to 250 megawatts to 300 megawatts of production,” he said. “It’s already set up for additional lines to go. It’s pretty plug and play—a really nice facility.”

At the auction Costello hopes to find a single buyer.

“We’ve had quite a bit of interest in the equipment. We’re offering it as one lump,” he said.

However, if Heritage can’t get the price it’s looking for at auction, it can split the equipment up into individual items for sale.

“There is a tremendous international appetite for this equipment. A lot of companies outside the U.S. as well as within [are interested],” Costello said. “We do have interested parties. We’re hoping to get someone to refire it. From that standpoint it’s a great opportunity for someone to keep the plant here in the U.S. and hopefully bring the back some of the human resources.”

Part of the interest may stem from the fact that SpectraWatt—unlike other recent bankruptcy filers, Solyndra and Evergreen Solar—used manufacturing equipment that is common to the industry.

“It’s a young industry. But I think the standard has been established. The silicon wafers they use are commonly used,” Costello said.

Image courtesy of Heritage Global Partners.
 

 

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