Twin Creeks Technologies
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Twin Creeks Technologies was a California-based American technology company that claimed to develop cheaper manufacturing equipment for the production of solar modules, sensors, LEDs and other solid-state devices.[when?] It had 76 employees in a pilot production plant in Mississippi and approximately 30 employees at a development site in San Jose, California. The company raised $93 million, including $27.7 million provided by Mississippi taxpayers.[1] Twin Creeks Technology folded in mid-November 2012 selling assets to GT Advanced Technologies of Nashua, New Hampshire. The new owners of the assets had no intention of continuing the Mississippi manufacturing operation.[2]
An agreement with the state of Mississippi was for them to provide a loan to Twin Creeks Technologies of up to $50 million, where Twin Creeks Technologies would pay no interest for twenty years, in exchange for which the company planned to hire 500 people to work at their manufacturing facility in Senatobia, Mississippi or to invest $132 million, as well as the requirement that they be in commercial production by December 31.
The state of Mississippi has filed an unsuccessful lawsuit to block the company from a $10 million sale of its patents to GT Advanced Technologies, Inc. Silicon Valley Bank received $7 million from that sale, which the state also tried unsuccessfully to block.[3]
The state is seeking $23.7 million in addition to alleged fraud and punitive damages.[3]