Powerhouse not so strong, seeking “strategic alternatives” for solar shingle product

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Following an announcement of possible rising from the dead, this pv magazine USA author has been infatuated (seriously, started this panel specification article waxing poetically) with the possibilities of the RGS Energy’s POWERHOUSE 3.0 solar shingle (and let’s be honest, any new and shiny non-traditional solar module – can we say bifacial?).

But with Tesla’s Solar Roof taking its time, dreams of perovskite always abound, and now this POWERHOUSE™ announcement, maybe its a good moment to remind ourselves the juggernaut that the modern 60 and 72 cell solar module really is.

RGS Energy has announced that its, “Board of Directors, supported by its management team, has commenced a process to explore strategic alternatives focusing on maximizing shareholder value.” This announcement follows the company moving its stock from the NASDAQ stock trading platform to the OTXQX trading market, since the stock price was unable to hold a $1/share price.

In April of 2018, the company sought – and received –  $10 million to commercialize the POWERHOUSE solar shingle, at that point suggesting it’d be all the funding needed to move the product to market. In Friday’s press release, the company noted that it would take an extended period, perhaps “years” for its product to grow its brand name and revenue. With that the company defined its potential pathways as:

Strategic alternatives to consider may include, among others, a sale of RGS Energy, a business combination such as a merger with another party, or a strategic investment financing which would allow the Company to continue its current business plan of commercializing POWERHOUSE™ solar shingles.

During 2018 and this early 2019, the company released multiple press releases noting milestones for various certification and “written reservations” volumes;

pv magazine USA has requested comment from RGS Energy on the status of the written reservations, and what some of the challenges that arose when attempting to move those potential customers (88 unique roofing companies) from written reservation to purchase orders.