Loss making concentrating photovoltaic and thermal (CPVT) technology firm, Entech Solar has initiated a workforce reduction of approximately 40% (33 employees) in an effort to reduce losses and preserve cash. Entech plans to close its California locations by mid-2009 and has also stopped using a number of consultants, the company said.
“This is a transformational year for Entech Solar,” noted Frank Smith, CEO of Entech Solar. “As such, we are not only changing our strategic focus but also looking to improve the operating structure of the business. We will continue to search for opportunities to reduce spending, decrease our cash burn, and allocate resources efficiently as we lay a framework to reach profitability and increase shareholder value.”
The company recently relocated its corporate headquarters from Ewing, NJ, to Fort Worth, TX.