Last week, American Solar Direct filed for chapter 7 bankruptcy in California Central Bankruptcy Court. According to its bankruptcy filing, the company had less than $50,000 in assets and liabilities of between $10 million and $50 million.
In 2013, GTM Research named American Solar Direct (ASD) as a residential PV installer to watch. At the time, ASD was one of the few top-20 installers that had experienced consistent, positive quarter-over-quarter growth since it began installing PV systems in California in 2010. ASD raised its own project funds and received two rounds of equity investment, as well as $50 million to support its lease program from WGL Holdings, parent company of utility Washington Gas. A year ago, American Solar Direct won an undisclosed amount of funding from Dubai-based Adenium Capital.
But this is a tricky year for the U.S. solar industry with fewer PV panels being deployed across the U.S. than in 2016. Residential solar is seeing flat or down business after years of runaway growth.