Infinia, Stirling Solar Startup, Files for Bankuptcy

Another solar technology casualty—crushed by c-Si and CdTe

Eric Wesoff September 25, 2013

Eric Wesoff

Editor-at-Large
Greentech Media

Eric Wesoff is Editor-at-Large at Greentech Media. Prior to joining GTM, Eric Wesoff founded Sage Marketing Partners in 2000 to provide sales and marketing-consulting services to venture-capital firms and their portfolio companies in the alternative energy and telecommunications sectors. Mr. Wesoff has become a well-known, respected authority and speaker in these fields.

His expertise covers solar power, fuel cells, biofuels and advanced batteries. His strengths are in market research and analysis, business development and due diligence for investors. He frequently consults for energy startups and Silicon Valley's premier venture capitalists.

One more solar casualty for the list.

Infinia, a firm looking to commercialize solar Stirling engines, has filed for Chapter 11, citing "the inability to obtain additional financing."

Infinia has a megawatt-scale project installed at Tooele Army Base in Utah and claims to have "nearly 200 megawatts of projects under development in the Mediterranean region."

Infinia's lead lender, Atlas Global Holdings, "has made an offer to buy Infinia’s assets for an amount equal to the amount it is currently lending the Company under a debtor in possession financing arrangement," according to a release.

The Stirling engine was developed two centuries ago and is considered an external combustion engine. Stirling engines have a number of moving parts and do not have energy storage capabilities.

The company raised more than $70 million since its founding. In February 2008, Infinia won $50 million in a second round of financing led by GLG along with Khosla Ventures, Wexford Capital, Vulcan Capital, EQUUS Total Return, Idealab and Power Play Energy.

In September 2011, Stirling Energy Systems (SES) of Scottsdale, Arizona, a system manufacturer of dish-engine solar plants, filed for Chapter 7 bankruptcy. SES had massive projects signed with PPAs from SCE and SDG&E. The Imperial project was a 709-megawatt plant with a PPA from SDG&E. The Calico project was an 850-megawatt plant with a PPA from SCE. But the Calico project was sold to a new photovoltaic developer called K Road, and Imperial Valley was acquired by AES Solar, a photovoltaic developer spawned by AES Corp and Riverstone Holdings.

Stirling engines are another utility-scale solar technology done in by crystalline silicon and cadmium-telluride solar panels.