Plant will shut after $58m in state aid
By Todd Wallack
Boston Globe Staff / January 12, 2011
Evergreen Solar Inc. will eliminate 800 jobs in Massachusetts and shut its new factory at the former military base in Devens, just two years after it opened the massive facility to great fanfare and with about $58 million in taxpayer subsidies.
The company announced yesterday that it will close the plant by the end of March, calling itself a victim of weak demand and competition from cheaper suppliers in China, where the government provides solar companies with generous subsidies.
Evergreen itself has a factory in Wuhan, China, built in collaboration with a Chinese company, Jiawei Solarchina Co. Ltd., and with money from a Chinese government investment fund.
There are companies whose “business plan” is to milk government subsidies and then magically disappear when the subsidy pastures elsewhere are greener (what an appropriate metaphor!) or it comes time to deliver … a viable product. This appears to be such a company!