TOLEDO SOLAR ENDS OPERATIONS

PERRYSBURG, Ohio, July 8, 2024 /PRNewswire/ -- Toledo Solar Inc. (Toledo Solar) announces that it will be ending all research and development efforts and winding down operations effective immediately.

Hired in July, 2023 to lead a turnaround effort of the business, Tom Pratt, Managing Director of Applied Business Strategy LLC, and interim President, Treasurer, and Secretary of Toledo Solar will remain on to decommission the Perrysburg facility. "Unfortunately, we were unable to license certain technology needed to manufacture the Cadmium Telluride panels we were developing for the residential, commercial and industrial markets we were targeting," said Mr. Pratt. Mr. Pratt went on to say "Once it was determined that we did not have access to the appropriate technology, we pivoted to a different business model, but the hurdles to success were determined to be too high. Ultimately, the Toledo Solar Board determined that there was no viable path to continue the business and they have voted to cease operations."

SOURCE Toledo Solar Inc