One other prolific photo voltaic installer has shuttered in a wave of closures because the begin of 2025. Posigen and different affiliated enterprise entities filed for chapter 11 chapter within the Texas Southern Chapter Courtroom on Monday.
These affiliate firms embrace: Posigen CT, Posigen Developer and Posigen Holdings — all restricted legal responsibility firms.
The nationwide residential photo voltaic set up firm laid off most of its workforce in August, and filed three more Employee Adjustment and Retraining Notifications (WARN) in Connecticut, the final on November 14. Two of Posigen’s services in Connecticut have been closed, and the third will stop operations and terminate employment by December 6.
In its first WARN submitting, the corporate said plans to remain open with a diminished workforce and proceed operations if it might purchase extra funding. Based on the worker termination discover, Posigen had missed credit score funds, attributing the layoffs to that and disappearing tax credit from the One Massive Lovely Invoice Act handed in July.
“We write now to verify that, though the corporate has obtained some extra financing from its lender and remains to be actively in search of extra financing from its lender, such financings will solely allow the corporate to proceed operations for a brief interval — on the finish of which the corporate will shut down all operations,” the November 14 WARN filing states.
Since 2023, funding agency Brookfield Asset Administration invested $600 million in Posigen. The corporate primarily constructed photo voltaic tasks for underserved communities and low-to-middle earnings prospects.
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