Konarka Technologies Inc., a Lowell company developing solar panels, said it has filed for Chapter 7 bankruptcy protection.
Under Chapter 7, a company’s operations cease, and a trustee is charged with liquidating the company’s assets for the benefit of creditors.
In a statement issued Friday, Konarka chairman, president, and chief executive Howard Berke said: “Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations. This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States.”
Under Chapter 7 proceedings, however, any such transactions are evaluated by a trustee and not by the company itself, Konarka’s press release noted.
An attempt to reach the company was not immediately successful.
A Globe story from August 2010 noted that Konarka then employed about 100 people and had raised more than $170 million from investors as well as another $20 million in grants from government agencies such as the Department of Energy and the Pentagon.