Hoku Solar is winding down its operations in Hawaii in the wake of its bankruptcy filing, company officials said Wednesday.
The company, a subsidiary of Honolulu-based Hoku Corp., has installed millions of dollars worth of industrial and utility-scale photovoltaic projects statewide since its launch in 2007.
“Hoku Solar remains committed to fulfilling its obligations and is currently working with its customers, vendors and partners to proactively address open issues and complete all remaining work,” Jeremy Xiaoming Yin, president and chief executive officer said in a prepared statement.
Hoku Corp., along with its Hoku Solar and Hoku Materials subsidiaries, filed for Chapter 7 bankruptcy Tuesday. Under Chapter 7 a company’s assets are liquidated and the proceeds are used to pay debts.
Hoku Solar, which listed no liabilities in the bankruptcy filing, was the only profitable part of the company in recent years. Its revenue totaled $12 million in 2012 and $1.6 million in 2013, according the bankruptcy filing.