Woodworking Industry News

Biomass company files for bankruptcy

Stored Solar LLC, a  West Enfield, Me.-based company that owns two biomass electricity plants in Maine and several others in New England, has filed for bankruptcy while owing money to several companies and after receiving a $13 million bailout by Maine lawmakers. According to news reports, the company that had access to millions in state subsidies to help it stay afloat owes $17.8 million to creditors including an energy market investor, the states of Maine and New Hampshire, and Maine loggers.