More Changes at Serious EnergyJuly 12th, 2012 by DWM Magazine
Amid recent protests in Chicago about the closing of the Serious Energy plant, the former site of Republic Windows and another famous protest, Mesirow Financial, an investor in the company, has issued a statement about the plant’s future, and the company has endured another round of personnel changes.
“Over the past 3 1/2 years, Serious invested several million dollars trying to re-engineer the Republic operation to make it sustainable,” writes the company. “By virtue of these efforts, scores of jobs were maintained until, in February 2012, Serious concluded that in the present economic climate it was not possible to turn around this money-losing operation.”
The statement continues, “Serious advised the union that it planned to auction off the remaining equipment at the plant (the building is rented) and agreed to defer the closing of the plant by several more months than required by law. The union has been trying to put together a bid for the equipment, and it may still be able to do so. The proceeds of the auction are expected to return only a small fraction of the money invested in this operation by Serious over the past 3 1/2 years, and the Mesirow Funds have written off, and expect to continue to have to write off most of their investment in Serious.”
The statement from Mesirow comes on the heels of an announcement by New Era Windows LLC, the window manufacturer formed earlier this year when Serious Energy announced it was closing its Chicago-based facility, that it was filing legal arbitration in hopes of buying some of the company’s machinery—as well as saving jobs.
In other news at Serious, Kevin Surace, co-founder of the Sunnyvale, Calif.-based company, no longer serves as its chairman of board. He now serves as CEO of Santa Rosa, Calif.-based Gridlock Solar.
Surace previously also served as CEO of the company but had stepped down from that role earlier this year and co-founder Marc Porat took over. According to information from the Serious website, Tassilo Bauerle now has taken over as president and CEO of the company. He previously served as executive director General Biofuels, a developer of biomass pellet facilities with projects throughout North America. Porat remains on the company’s board of directors, according to information from Serious.