Spire and Gloria Solar to liquidate joint venture

Solar module manufacturing equipment provider Spire and Gloria Solar, a Taiwan-based photovoltaic module manufacturer, have reached an agreement to liquidate their joint venture, Gloria Spire Solar, which performed photovoltaic systems integration within the US.

Over the past several months, with the pause in the market for photovoltaic (PV) systems, Spire and Gloria have reassessed their strategies for their respective solar product lines and reached the decision to dissolve Gloria Spire Solar (GSS).

The companies have agreed to an allocation of the remaining assets of GSS including cash, after all liabilities have been paid. Each company will also receive a share of project leads. Spire Solar Systems will continue to support the current customer base.

Spire will re-establish this business as Spire Solar Systems to provide PV systems integration for the US market. Spire Solar Systems will be located at Spire's headquarters in Bedford, Massachusetts.

To maintain continuity with the existing client base, it will be staffed by several key employees from GSS and will operate under Stephen Hogan, executive vice president and general manager of Spire, as acting CEO of Spire Solar Systems.

Roger Little, chairman and CEO of Spire, said: "This new direction will free Spire to develop new opportunities emerging rapidly in the US systems market, stimulated by the federal funding. Also, Spire Solar Systems can provide an outlet for modules manufactured by our turnkey module line customers."

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