MAINE, USA — Stored Solar LLC, which that owns two biomass electricity plants in Maine and several others in New England, has filed for bankruptcy.
Biomass energy uses wood and wood waste to generate electricity.
The company owns two plants in Maine, one in West Enfield and another in Jonesboro.
Stored Solar LLC filed for Chapter 11 bankruptcy. A hearing was held on Friday at the U.S. Bankruptcy Court in Bangor to address a motion to change the bankruptcy filing from Chapter 11 to Chapter 7. This change would allow the company to liquidate its assets to pay off its debt.
This bankruptcy filing comes six years after $13 million taxpayer dollars were used to support the state's biomass industry, which included Stored Solar, LLC.
Court records revealed the company claimed it owes more than $17 million to creditors, some of which include the states of Maine and New Hampshire and the Professional Logging Contractors of Maine.