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Central Indiana city yanks support from solar-panel maker

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A central Indiana city is shutting off some of its financial assistance to a solar panel manufacturer because the company hasn't hired enough workers.

An agreement between Columbus officials and NuSun Inc. called for the city to forgive nearly $7,000 in monthly mortgage payments on a facility owned by the city. But Nusun's current count of 17 employees falls well short of the 80 it was supposed to have by the end of 2012 to comply with incentive agreements.

City Council members voted Tuesday to find the company not in compliance, which requires Nusun to start making the payments, The Republic reported.

NuSun CEO Ryan Stout asked for more time, saying the company has made substantial progress toward lining up new contracts.

The city also helped NuSun obtain some $800,000 in local and regional grants.The state also has offered up to $2.25 million in conditional tax credits.

Stout, former vice president of operations at Yorktown-based BatteryXpress, founded the company in Muncie in 2009.

In 2010, Stout said NuSun would spend $9 million to start production at a Columbus industrial park. The company's longer-term goal was to have 240 employees "within a few years."

The company expected a boost in business early last year after its products received stamp of approval from Underwriter’s Laboratories.

 

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  • Awesome
    Thanks for reminding me why the Midwest is so crucial to the ultimate success of our nation.
  • No Thanks
    This is yet another example of why we should not be spending public money of any sort for solar, wind, and other alternative forms of energy. We must concentrate on extracting as much easily available oil and gas and getting that burned as quickly as possible. Wind and solar simply cannot compete with the energy stored over millions of years and now available to us in the form of fossil hydrocarbons, just as earning money cannot compete with the party one can throw by running down a bank account. The generations that follow us -if there are any - can make do with wind and solar and other loser sources of energy. They will figure something out. To believe otherwise is to insult them.

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