Westinghouse Solar financial position precarious: Merger deal cancelled

Facebook
Twitter
LinkedIn
Reddit
Email

US-based PV module supplier, Westinghouse Solar is teetering on the brink of insolvency, recent SEC filings reveal.

The company reported a first quarter 2013 net loss of US$1.2 million and a cash and cash equivalents figure of only US$20,856.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

According to the latest SEC filings, Westinghouse Solar’s main module supplier, Suntech America, a subsidiary of Suntech Power Holdings is owed US$870,000 plus accrued interest of US$76,438 due to previous non-payment of modules supplied.

The company also owes another China-based module supplier, Lightway around US$1.0 million though much of this debt was converted to shares.

The filings note that Westinghouse Solar has no current outstanding supply arrangements with either module manufacturer and its inventory position has been depleted to low levels.

As a result of the US imposed AD and CVD duties last year, the companies unique module design, built exclusively under sub-contract by both Chinese manufacturers were hit with total duties of 30.66% for Lightway and 35.97% for Suntech produced modules, impacting Westinghouse’s ability to compete in the US market.

The merger deal with Australian renewable energy firm CBD Energy has dragged on and been delayed several times, though no specific reasons for the delays had been given.

However, today CBD Energy announced in a two sentenced press release that the merger with Westinghouse Solar had been cancelled. CBD Energy also said that it would proceed with a NASDAQ stock market listing separately.

Westinghouse Solar reported first quarter revenue of only US$81,194.

Read Next

September 15, 2025
Advances in edge-based artificial intelligence are helping make solar and storage interoperable by tackling the data challenge, writes Andrew Foster.
September 15, 2025
Italy’s latest renewable energy tender has received 12GW of bids, of which the majority, 10GW, came from solar PV.
September 15, 2025
Sunrun has priced a securitisation of leases and power purchase agreements, taking its non-recourse debt capital raised in Q3 above US$1.5 billion. 
September 15, 2025
Norwegian energy firm Statkraft has agreed to divest a portion of its renewable energy portfolio to Serentica Renewables.
September 15, 2025
UNSW spin-out company Lab360 Solar has been awarded funding from ARENA to bring its drone-based PV inspection technology to market.
Premium
September 15, 2025
The UK government and solar industry have jointly published a long-anticipated roadmap detailing how to maximise the country’s solar potential. Chris Hewett, CEO of Solar Energy UK takes a closer look at the details.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines