ClearEdge Power filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in San Jose, California on Thursday. The company listed over $100 million of both assets and debts in its filing, reports Businessweek.
ClearEdge Power is also being sued by about 250 employees that it fried without giving the mandatory 60-day notification. The fired employees come from the company’s South Windsor, Connecticut plant, Businessweek notes.
ClearEdge Power was looking to land a major contract, but it was delayed. The delay caused a shortage is cash in the company.
PLUG and BLDP shares were down 4% as of Friday afternoon. FCEL shares had dropped by 1% at the same time.