Tesla solar roof tile rival heads for Chapter 7 personal bankruptcy
- RGS Energy (Real Product Solar Inc.), a possible competitor to Tesla's solar tile roof system has actually recently caught Chapter 7 personal bankruptcy, having actually stopped working to raise more capital on long-standing operating losses.
RGS Energy has attempted to shift far from its loss making residential solar setup service in the United States and supply farmed out solar shingle roof systems to installers, home builders and traditional roofing companies after protecting the rights and subsequent UL accreditation for the previous Dow ‘& lsquo; POWERHOUSE & rsquo; 3.0 technology in November, 2018.
Despite declaring significant interest in the product, especially from traditional roofing companies, income straight from the POWERHOUSE item had totaled up to only US$ 367,000 for the very first nine months of 2019, while third quarter 2019 POWERHOUSE sales totalled US$ 197,000.
The company just had cash of US$ 0.8 million and working capital of US$ 0.4 million at the end of September 2019, according to SEC filings.
On January 31, 2020, the business stopped operating and applied for Chapter 7 insolvency in the United States Personal Bankruptcy Court for the State of Colorado. Subsequently, senior executives such as CEO, Dennis Lacey and CFO, Alan Fine had left the business.
