Energy, Utilities & Water  March 2, 2015

RGS Energy plans to cut one-third of its workforce

LOUISVILLE — Real Goods Solar Inc. (Nasdaq: RGSE) said Monday that it will cut 100 jobs, about one-third of its workforce, as part of a reorganization to right the financially troubled installer of rooftop solar equipment.

Real Goods Solar, doing business as RGS Energy, will maintain a centralized engineering office at its Colorado headquarters in Louisville and will continue to maintain field sales and in-house construction teams on the East Coast.

Most of the major changes will occur at its California operations, where it will replace its offices, warehouses, field sales and construction teams with call center e-Sales and the company’s Authorized Integrator Program for solar installations, according to a company statement.

The company declined to say where the job cuts would take place.

The company expects to complete most of the restructuring by the end of March.

“The foundation of our new operational model focuses on our core strengths of engineering, e-Sales, operations management and leasing,” RGS Energy’s chief executive Dennis Lacey, said in a prepared statement.

“We expect this effort to streamline our operations and lower our fixed operating costs as we leverage our recently strengthened financial position to address an over $50 million installation backlog.”

Last month, RGS Energy closed its public offering of 7 million units of Class A common stock and Series A, B, C, D and E warrants. The units sold for 50 cents apiece, and RGS will pull in about $2.75 million in net proceeds after expenses and fees associated with the sale are deducted.

The new funds come as RGS struggles to recover from a 2014 and early 2015 that’s seen the company’s share price decimated. The company closed its commercial solar segment to concentrate on the residential market. But the acquisition of Hawaiian-based Sunetric hasn’t gone as well as planned as regulation changes in that state have made rooftop solar a less attractive option.

RGS also is the subject of a pair of lawsuits related to a $7 million private placement offering last summer.

RGS stock closed at 44 cents per share midday Monday. The company’s 52-week range is from 23 cents to $5.65 per share.

LOUISVILLE — Real Goods Solar Inc. (Nasdaq: RGSE) said Monday that it will cut 100 jobs, about one-third of its workforce, as part of a reorganization to right the financially troubled installer of rooftop solar equipment.

Real Goods Solar, doing business as RGS Energy, will maintain a centralized engineering office at its Colorado headquarters in Louisville and will continue to maintain field sales and in-house construction teams on the East Coast.

Most of the major changes will occur at its California operations, where it will replace its offices, warehouses, field sales and construction teams with call center e-Sales and…

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