South Korean-owned OCI Solar Power is moving its San Antonio-headquarters from the Bank of America Plaza building to the Brooks headquarters of subsidiary Mission Solar Energy.
It marks the latest move by OCI and solar panel manufacturer Mission Solar to save money less than five months after Mission Solar announced it was cutting its staff by 58 percent, or 170 employees. It’s not planning on reducing staff with the move.
“It’s really just consolidation, cost-cutting. At the end of the day our objective is to be a sustainable company,” John Huffaker, OCI’s vice president, said in a phone interview.
Huffaker said “it didn’t make sense to have two facilities” and said about 50 employees will be moving out of the 15,500 square foot downtown office. OCI moved its headquarters to San Antonio from Atlanta in 2013.
Both OCI and Mission Solar have faced issues after finishing construction of a 450-megawatt solar project for city-owned utility CPS Energy at the end of last year. Mission Solar laid off 87 workers in October when it shut down its solar cell production line, citing stiff competition from Asian manufacturers.
Mission Solar has turned its attention to supplying residential solar customers and is developing new products, including the Grid in a Box, an integrated power system the size of two shipping containers that could provide solar power and battery storage to remote areas.
The companies also have changed out members of their top leadership, with OCI’s CEO SH Yoon returning to South Korea in February after a two year assignment, Huffaker said. He’s been replaced by Chief Financial Officer Charles Kim, whom Huffaker said had worked for OCI since it was based in Atlanta.
“Mr. Yoon was here on a short-term assignment,” Huffaker said. “He was part of the effort by OCI to shore up its leadership and he came, played his role and is going back to Korea.”
Mission Solar named senior vice president of strategy Jae Yang as president last week, replacing President Alex Kim, Huffaker said.
