$65 million writedown of unit hits fourth-quarter results
Cambridge company still planning IPO for summer or fall
The Cambridge, Ont.-based company also said yesterday it has written down the value of Spheral Solar Power by $65 million after tax, causing it to post a loss of $65.6 million in the fourth quarter ended March 31.
Spheral's flexible, thin-film solar technology is regarded as a breakthrough because it can be integrated into roofing materials, vehicle roof-tops and other applications that aren't suitable for rigid solar panels.ATS, which has invested more than $120 million in Spheral over four years, has produced high-efficiency cells and modules that are currently being field tested. But, it said it will take at least 12 months of intensive engineering and development to solve technical problems preventing it from profitably making the product in large volumes. Shortcuts the company took to go quickly from development to full-scale production "were not the right ones," said Syl Ghirardi, president of ATS's solar group
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