in News Departments > New & Noteworthy
print the content item

Richmond, British Columbia-based VRB Power Systems Inc., an energy storage technology developer, has been unsuccessful in its efforts to seek offers for the merger, sale, refinancing or other strategic alternative for the company. It has decided that it will not proceed with its previously announced rights offering.

As a result, VRB has substantially curtailed its manufacturing, research and development operations and has laid off or given notice of termination to most of its employees. Given its current financial and operational status, the company has ceased accepting new orders.

In order to meet its liabilities, VRB intends to dispose of its remaining inventory and other redundant assets. The company intends to continue to seek offers for the possible sale or license of its core technology and patents or the reactivation of the its commercialization efforts.

In the event that VRB is unable to make adequate arrangements to discharge its outstanding liabilities, it may need to consider seeking other remedies under applicable corporate or insolvency legislation.

SOURCE: VRB Power


Trachte Inc._id1770
Latest Top Stories

Sen. Grassley Makes Another Legislative Push For Wind PTC Extension

U.S. Sen. Chuck Grassley, a long-time wind power advocate, recently made an effort to bring attention to the importance of a production tax credit extension.


Alberta Breaks Wind Power Record, Then Does It Again

Last week, the Alberta Electric System Operator recorded new wind production peaks in the Canadian province - highlighting how well the grid integrated the renewable energy.


Federal Appeals Court Finds Obama's Wind Farm Decision Unconstitutional

A federal appeals court ruled that the U.S. government violated the constitutional rights of Chinese-owned Ralls Corp. when ordering the divestment of four Oregon wind farms.


Renewables Make Up Over 50% Of New U.S. Power In First Half Of 2014

According to a recent government report, renewable energy sources, such as wind and solar, continue to dominate new electric generating capacity.


Suzlon Facility Lends Key Assist In Developing 'The Wind Technicians Of Tomorrow'

The turbine manufacturer’s Elgin, Ill.-based training facility is the culmination of a program that puts a new twist on a proven method of instruction.

Canwea_id1984
Renewable NRG_id1934
Navigant_id1983