Toledo Solar has announced its abrupt closure, citing insurmountable obstacles in securing essential technology licenses. In a statement released today, the company declared an immediate cessation of all research and development activities and operational wind-down.
Tom Pratt, appointed as interim president, treasurer, and secretary in 2023, lamented the company's inability to secure necessary technology for the production of Cadmium Telluride (CdTe) panels intended for residential, commercial, and industrial markets. Despite efforts to pivot to an alternative business model, the company faced formidable barriers that ultimately led to the decision to cease operations.
Pratt will continue in his role to oversee the orderly decommissioning of Toledo Solar's facility in Ohio. The company had previously made headlines due to a lawsuit filed by First Solar, accusing Toledo Solar of misleadingly reselling old modules under its own branding. The modules in question, discovered at the Ohio governor's residence in 2022, were identified as originating from First Solar's Malaysia plant in 2018, despite packaging claiming domestic manufacture by Toledo Solar.
The resolution of the lawsuit in September 2023, settled for an undisclosed amount, coincided with Toledo Solar's strategic shift towards producing durable panels tailored for regions facing severe weather conditions such as hurricanes and tornadoes.
The closure of Toledo Solar underscores the challenges faced by companies in the renewable energy sector, particularly in navigating technological dependencies and market complexities.
