San Diego’s OneRoof Energy Inc., a residential solar power installation company, has “significantly reduced” its work force and begun winding down operations.
The company said the moves are due to trouble raising necessary funds to continue sales, marketing and development. OneRoof, which employs 145 people according to LinkedIn, did not say how many employees were laid off.
The company said it is considering “various measures to preserve cash” and looking to “maximize the value of its assets.”
OneRoof had previously been backed by Black Coral Capital and Hanwha Group. Hanwha pulled its backing of the company in October 2014.
OneRoof’s business model entails contracting with roofers and construction firms to install solar panels on houses and then leasing the panels back to the homeowners. The arrangement allows homeowners to reduce their electrical energy use while not having to pay for the upfront costs of panel installation.
OneRoof attempted to shift its business model earlier this year from direct sales to partnerships with consumer service providers and other partners, cutting its staff back in May as a result.
