Monday, December 19, 2016

OneRoof Energy Cuts Staff, Starts Winding Down Operations

San Diego-based residential solar power installer OneRoof Energy said late Friday that it has "significantlyr educed" its work force, and has begun winding down its operations, after it said it was unable to secure financing necessary to continue sales, marketing, and development. The company did not say how many people it laid off in the move. The company said it is now "considering various measures to preserve cash" and looking to "maximize the value of its assets." OneRoof had previously been backed by Black Coral Capital and Hanwha Group, however, Hanwha pulled its backing of the company in October of 2014. OneRoof attempted to shift its business model in May of 2016 with another staff cut.

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