At a time when green energy is being touted as a potential booster for a slow global economy, a wind energy company in North Dakota has laid off nearly a quarter of its staff.
The Telegraph reports that DMI Industries, one of the largest producers of wind-turbine towers, is suffering from a huge drop in demand just one year after seeing impressive growth.
The company expanded its factories last year, when the U.S. wind industry doubled its activity, but was forced to lay off workers when banks and other lenders were hit by the slowdown.
DMI’s president told the newspaper: “So many positive things have been said about renewable energy, but when the banks have problems, it has an impact on us too.”
Some analysts say the investment slowed has undermined renewable energy’s potential to combat climate change.
“Cold winds blow for future of green energy”
Telegraph UK, March 13, 2009