The solar energy systems manufacturer has missed the first two payments of a $1.5 million state loan to build a factory on the Iron Range last year, but state and company officials say they're optimistic the business can still thrive if a state rebate program are extended. Silicon Energy failed to make $80,000 in schedule quarterly payments earlier this year, and it has reduced its workforce at its Mountain Iron, Minn., assembly plant from 15 employees to 11, Tony Sertich, commissioner of the Iron Range Resources and Rehabilitation Board, said Wednesday, Sept. 5.
Silicon Energy, based in Washington State, has made less than half its projected first year revenue of $6 million to $8 million and is going to negotiate a new payment schedule with the state agency, CEO Gary Shaver said Wednesday.
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