Solar Energy Minneapolis, Minnesota’s largest solar panel installer, is shutting down its solar business and selling its assets to a private equity firm.
The company says the decision was made after “the Company’s financial and operational performance, including significant cost reductions and growth, and continued improvement in customer expectations.”
The move, which was announced on the company’s blog, comes after the company saw its stock plunge to less than half its previous price.
The news follows a string of bad news for the company, including its failure to meet financial targets and disappointing sales and profits.
Solar Energy is a solar panel manufacturer that operates two retail stores in Minneapolis and other areas of the state.
Its latest quarterly report said the company had lost $1.4 million in the first three months of the year.
That included $1 million in operating expenses.
Solar, which started in 2010, is one of the country’s most valuable solar companies, worth about $6 billion.
But it has struggled to compete with smaller competitors such as SunEdison.
SunEdision, meanwhile, is selling off its solar assets in the Midwest and elsewhere.
Solar is a $1 billion industry with solar panels covering almost half the U.S. market, according to the SunEdication website.
In December, Solar Energy said it was selling its majority stake in the Minneapolis-based company, the largest solar company in the country, for $5.6 million.
In a statement on Wednesday, Solar said it would now focus on focusing on growth opportunities for the Minneapolis area.
The solar business had grown by more than half since the end of the recession and had continued to grow year over year, but had fallen into a “deteriorating” revenue stream due to declining customer demand, according the statement.
“The solar business has been a major contributor to our bottom line and our success,” Solar said.
“We are pleased that we have been able to make this transition and will continue to focus on growing and supporting our customers.”