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

Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?


GE Blade Crashes At Mehoopany Wind Farm In Pennsylvania

The turbine manufacturer says the Nov. 2 incident is "isolated and unrelated" when compared to earlier blade issues.

Hybrid Energy Innovations 2015
Renewable NRG_id1934
BG 2015DblBox_id2032