GlobalWatt, a developer of solar products for specialty and off-grid markets, has shut down its manufacturing facility in Saginaw, Mich.
In 2009, the company had promised to invest $117 million in the Saginaw area and create 500 jobs, WNEM reports. However, the struggling U.S. economy and slower-than-expected overseas market expansion have made these plans economically impractical, according to GlobalWatt.
The company plans to relocate manufacturing operations in Copermish, Mich., and expand an existing partnership in Hudsonville, Mich.
GlobalWatt had reportedly been promised incentives to locate its factory in Saginaw. Michigan Economic Development Corp., however, told WNEM that GlobalWatt had not yet received any tax credits.