RGS Energy, Real Goods Solar Inc., ceased operating and filed for Chapter 7 bankruptcy in the United States Bankruptcy Court for the State of Colorado.
RGS Energy had difficulties commercializing its asphalt roof POWERHOUSE 3.0 solar shingles system (commonly called “POWERHOUSE”).
The product was licensed from a division of the former Dow Chemical Corporation (DOW).
How it Happened!
RGS Energy was positioning its POWERHOUSE to compete with Tesla’s Solar Roof System.
The product sales remained largely immaterial and options to raise capital became quite limited after shareholders voted against a proposed increase in the number of authorized common shares on the 2019 annual meeting.