Stow-based renewable energy company Freewatt Ltd has fallen into liquidation, resulting in 34 job losses.
The firm was the first carbon neutral company in the county when it was founded in 2008 and specialised in providing renewable energy solutions.
Positions at the company’s offices at Stow Park Road were terminated around the time liquidators were appointed on March 10.
Parent company Freewatt Group will continue to operate in the UK and abroad.
Julian Patrick, managing director of Freewatt, said changing government policies and cuts to subsidies for emerging green technologies were crucial factors which led to the decision.
He said: “Taking the decision to put the award-winning Freewatt Ltd installation company into liquidation has been devastating for all the team.
“Having worked with the hard-working committed professionals for eight years it was an incredibly tough decision to make.
“Unfortunately, government policies, strategy for energy and lack of support for renewable technologies has meant that 34 highly-skilled staff have lost their jobs and the Freewatt installation company has shut down.”
“Short-sighted UK strategy”
Julian claims that drops in the tariff to solar producers has crippled the industry in the UK.
He added: “Sovereign nations and global organisations are taking the strategic decisions to move away from fossil fuels that are linked to global conflict, economic instability and costly social and economic burdens. Renewables are growing across the world because it makes clear economic sense.
“Here in the UK we have had a very different experience under the current Chancellor of the Exchequer.
“Initially we generously assumed bad decisions were being made out of simple economic ineptitude. As time goes on it is abundantly clear that there is a very competent and deliberate government strategy to disadvantage green-energy technologies.
“It belies belief that our government is even now increasing the already excessive subsidy for fossil fuels yet at the same time reducing all remaining subsidies for emerging green technologies in the name of fair-competition.
“This short-sighted UK strategy is stifling innovation in the UK and creating a costly legacy for future generations.
“For Freewatt it has meant that 34 highly-skilled staff have lost their jobs and their career aspirations within the sector will have been thwarted.
“The parent company Freewatt Group will continue to focus on new areas of business both in the UK and abroad.”
Craig Povey and Kevin Murphy, of International business restructuring and insolvency firm CVR Global (“CVR”), have been appointed as Liquidators.