RGS Energy (Real Goods Solar Inc.), a potential rival to Tesla’s solar tile roof system has recently succumbed to Chapter 7 bankruptcy, having failed to raise further capital on long-standing operating losses.
RGS Energy has attempted to shift away from its loss making residential solar installation business in the US and supply subcontracted solar shingle roof systems to installers, house builders and conventional roofing companies after securing the rights and subsequent UL certification for the former Dow ‘POWERHOUSE’ 3.0 technology in November, 2018.
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Despite claiming significant interest in the product, notably from conventional roofing companies, revenue directly from the POWERHOUSE product had amounted to only US$367,000 for the first nine months of 2019, while third quarter 2019 POWERHOUSE sales totalled US$197,000.
The company only had cash of US$0.8 million and working capital of US$0.4 million at the end of September 2019, according to SEC filings.
On January 31, 2020, the company ceased operating and filed for Chapter 7 bankruptcy in the United States Bankruptcy Court for the State of Colorado. Subsequently, senior executives such as CEO, Dennis Lacey and CFO, Alan Fine had left the company.
