BP cuts 620 jobs from solar arm

By Admin
BP announced on Wednesday that it would cut 620 jobs from its solar power business citing the sagging global economy as a reason for its decision. Looki...

BP announced on Wednesday that it would cut 620 jobs from its solar power business citing the sagging global economy as a reason for its decision.

Looking to cut costs, the company said it will close two facilities in Madrid, Spain and cut assembly production of modules at its Maryland plant.

"This comes at a time when solar markets are unsettled by the impact of the global economic environment, an over-supplied market, increased competition and rapidly falling prices, said Reyad Fezzani, chief executive of BP Solar. "The decision is part of the long term strategy to reduce the cost of solar power to that of conventional electricity."



BP, whose Solar business employs 2,200 people worldwide, did not give a timescale for the closures.







Alexandra Stadnyk

Editorial Assistant

Exec Digital (Canada)



Direct Line: 905-755-3746

Fax Line: 905-890-1115

E-mail: [email protected]



White Digital Media (Canada) Inc.

30 Eglinton Avenue West, Suite 740

Mississauga, ON L5R 3E7



Corporate Website: www.whitedm.com



Global Business Portal: www.execdigital.ca - "Executive Business/Executive Lifestyle"



Note: This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission. If verification is required, please request a hard-copy version from White Digital Media (Canada) Inc. at 30 Eglinton Avenue West, Suite 740, Mississauga, ON L5R 3E7 or send an e-mail to [email protected]

P ExecDigital is committed to our environment. Please consider not printing this e-mail unless necessary.

Share
Share

Featured Articles

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

In the effort towards decarbonisation, North America could be a key player in providing affordable natural gas, addressing energy security issues

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy

Ørsted closes US$140m transaction with ECP for US portfolio

Renewable Energy