(Reuters) - Money-losing solar inverter maker Satcon Technology Corp filed for bankruptcy protection on Wednesday, squeezed by falling demand after top consumer Europe lowered subsidies for renewable energy.
Shares of the company, which had a market value of $6.32 million as of Tuesday close, fell 77 percent to 7.3 cents in morning trade on the Nasdaq. The company has lost 93 percent of its market value since the beginning of the year to Tuesday.
Germany's SMA Solar, the world's No. 1 maker of solar inverters, said last month that demand for its inverters was weak in the third quarter following the subsidy cuts.
