B.C.’s tech sector took its lumps this morning as one company cut staff to stay afloat and another shut down altogether.
Burnaby-based solar panel supplier Day4 Energy (TSX:DFE) laid off 30 staff, primarily at its Burnaby pilot-production facility, in an effort to get its costs in order.
“While we regret the impact this action will have on affected individuals, it is a logical and necessary step in order to optimize the operating structure of the entire group of companies,” said president George Rubin.
The workforce reduction comes nearly a year after the company tendered an all-share deal to buy German solar manufacturer ACI-ecotec GmbH & Co. KG. Rubin said the workforce reduction is an effort to better align the two companies.
The news comes three weeks after Day4 announced a $9.7 million loss in 2010 and an increased deficit for the year, calling the current business environment “very challenging.”
Meantime, Victoria-based Streetlight Intelligence (TSX-V:SLQ) has laid off all its employees and ceased operations.
“Efforts continue to evaluate strategic alternatives available to the corporation with the intent of enhancing shareholder value and resuming operations … although there is no assurance that these efforts will be successful, or if and when operations of the corporation will resume,” Streetlight said in a statement Tuesday.
The company develops street light optimization systems for municipalities. The systems are said to reduce a community’s energy consumption and cut costs.
Business in Vancouver attempted to contact the company, but CEO Vincent Krynski’s phone number was disconnected.
A voice recording at Streetlight’s office in Victoria confirmed the company had suspended operations and requested that no messages be left.
In 2009, BIV reported that Streetlight’s technology was being used to replace 8,000 to 10,000 streetlights in six B.C. communities, and that the project had received $1.3 million through the province’s Clean Energy fund.
Later that year, Hydro Ottawa, which powers 291,000 homes and businesses in Ontario, invested $1.05 million in Streetlight.
On April 6, Alan Hoverd, CFO and interim president and CEO of Hydro Ottawa, resigned from Streetlight’s board.
At press time, the company’s shares remained unchanged at $0.03.