1 00:00:00,240 --> 00:00:03,880 Speaker 1: Now, former staff of solar panel subscription business Solar Zero 2 00:00:03,960 --> 00:00:08,399 Speaker 1: are planning to protest outside the multinational investment company black 3 00:00:08,480 --> 00:00:12,880 Speaker 1: Rocks office Auckland Office tomorrow after black Rock unexpectedly put 4 00:00:13,000 --> 00:00:17,040 Speaker 1: Solar zero into liquidation. Now in twenty twenty, a fund 5 00:00:17,079 --> 00:00:19,840 Speaker 1: managed by black Rock became Solar Zero's sole shareholder, and 6 00:00:19,880 --> 00:00:22,320 Speaker 1: earlier this week Blackrock then made the decision to liquidate 7 00:00:22,320 --> 00:00:25,520 Speaker 1: the business. Mike is an ex employee of Solar Zero. 8 00:00:25,560 --> 00:00:28,040 Speaker 2: Hey Mike, Hi, Heather, how are you well? 9 00:00:28,040 --> 00:00:29,800 Speaker 1: Thanks mate? What are you guys going to be protesting? 10 00:00:32,000 --> 00:00:32,240 Speaker 2: Look? 11 00:00:32,280 --> 00:00:35,640 Speaker 3: I think Heather, there's a sort of the main theme 12 00:00:35,680 --> 00:00:39,440 Speaker 3: we want to try and get across. As you know, 13 00:00:39,520 --> 00:00:43,080 Speaker 3: we were made redundant four pm on Tuesday. 14 00:00:44,159 --> 00:00:47,800 Speaker 2: No redundancy, no notice periods, no holiday pay. 15 00:00:49,159 --> 00:00:52,160 Speaker 3: We have a significant number of our staff that live 16 00:00:52,440 --> 00:00:53,240 Speaker 3: week by week. 17 00:00:53,720 --> 00:00:55,600 Speaker 2: We've got a number of work permit holders. 18 00:00:56,840 --> 00:01:00,760 Speaker 3: The desperation and the frustration from these guys is just 19 00:01:00,960 --> 00:01:02,280 Speaker 3: it's so heartbreaking. 20 00:01:02,400 --> 00:01:03,200 Speaker 2: It's not funny. 21 00:01:03,800 --> 00:01:08,080 Speaker 3: You know, you've got an eleven trillion dollar company, foreign 22 00:01:08,080 --> 00:01:12,880 Speaker 3: investor which we're trying to attract establish themselves in New Zealand. 23 00:01:13,080 --> 00:01:13,520 Speaker 2: This year. 24 00:01:13,600 --> 00:01:17,679 Speaker 3: The setup offices beginning of the year, and within a 25 00:01:17,760 --> 00:01:21,360 Speaker 3: year they have pretty much screwed over one hundred and 26 00:01:21,440 --> 00:01:25,200 Speaker 3: sixty five people plus plus all our subcontractors and whatnot. 27 00:01:25,319 --> 00:01:29,959 Speaker 3: So what we're essentially aiming to get is what is owed, 28 00:01:30,720 --> 00:01:35,160 Speaker 3: which is the holiday pay that constitutes around it's around 29 00:01:35,240 --> 00:01:39,560 Speaker 3: about one point four million. Notice period for those staff 30 00:01:39,640 --> 00:01:43,119 Speaker 3: would be around one point six million. We have about 31 00:01:43,160 --> 00:01:47,920 Speaker 3: three hundred thousand dollars outstanding with our contractors, and then 32 00:01:48,000 --> 00:01:51,639 Speaker 3: our subcontractors, which is our field service providers all around 33 00:01:51,840 --> 00:01:55,760 Speaker 3: the country are owed in total around six hundred grand. 34 00:01:55,760 --> 00:01:58,640 Speaker 3: And you know, these guys are some of them are 35 00:01:58,640 --> 00:02:01,920 Speaker 3: small operators and this this could actually you know, cause 36 00:02:01,960 --> 00:02:02,480 Speaker 3: them to fold. 37 00:02:02,560 --> 00:02:04,000 Speaker 2: So it's really worrying. 38 00:02:04,040 --> 00:02:06,880 Speaker 3: And what it does is, I think is that if 39 00:02:06,920 --> 00:02:10,160 Speaker 3: we let this, let this go go by, I think 40 00:02:10,160 --> 00:02:13,440 Speaker 3: it's it's a really dangerous president for other foreign investors 41 00:02:13,480 --> 00:02:17,079 Speaker 3: coming in thinking that they can treat New Zealand citizens 42 00:02:17,120 --> 00:02:19,800 Speaker 3: and work permit holders like crap. 43 00:02:20,040 --> 00:02:22,280 Speaker 1: Now, now, if I added that up correctly, then you're 44 00:02:22,360 --> 00:02:26,960 Speaker 1: saying that in total the amount oded is about four million, about. 45 00:02:26,680 --> 00:02:29,600 Speaker 2: Four million, yeah, which is jump change for these guys. 46 00:02:29,440 --> 00:02:32,160 Speaker 1: Quite for black Rock, which is you know, worth close 47 00:02:32,160 --> 00:02:36,880 Speaker 1: to what twelve trillion US dollars four million is absolutely nothing. Yeah, 48 00:02:36,919 --> 00:02:38,000 Speaker 1: and you want them to make good. 49 00:02:39,000 --> 00:02:43,120 Speaker 3: Absolutely, It's an ethical thing, you know, I think, you know, 50 00:02:43,240 --> 00:02:46,440 Speaker 3: even if the simplistic wave and look, I'm not a 51 00:02:46,480 --> 00:02:48,919 Speaker 3: financial person by any stretch of the imagination, but it 52 00:02:49,440 --> 00:02:52,119 Speaker 3: sort of the black rock by the debt from the liquidata. 53 00:02:53,760 --> 00:02:56,760 Speaker 3: They can pay the staff without any you know, avoiding 54 00:02:56,800 --> 00:02:59,440 Speaker 3: any arguments around priority payments and stuff like that. And 55 00:02:59,480 --> 00:03:02,600 Speaker 3: it really, as much as it's really sad to see 56 00:03:02,760 --> 00:03:07,440 Speaker 3: solar zero fold, this will at least, you know, keep 57 00:03:07,480 --> 00:03:09,200 Speaker 3: the walls from the door for a little bit for 58 00:03:09,240 --> 00:03:11,760 Speaker 3: these guys. And when we have to, you know, remember 59 00:03:11,800 --> 00:03:14,679 Speaker 3: this is literally the worst time to be made redundant, 60 00:03:14,720 --> 00:03:17,000 Speaker 3: a one month out from Christmas. 61 00:03:17,480 --> 00:03:18,320 Speaker 2: You know, these guys. 62 00:03:18,360 --> 00:03:23,680 Speaker 3: I just I actually see potentially some really awful things 63 00:03:23,880 --> 00:03:26,240 Speaker 3: coming out of this if it can't be resolved. 64 00:03:26,600 --> 00:03:28,400 Speaker 1: So what's gone wrong for the business, because I mean 65 00:03:28,400 --> 00:03:30,240 Speaker 1: this was something that was supposed to be doing really well. 66 00:03:30,240 --> 00:03:32,080 Speaker 1: It had one hundred and ninety five million dollars in 67 00:03:32,080 --> 00:03:34,840 Speaker 1: credit lines, government had opened a facility of one hundred 68 00:03:34,840 --> 00:03:36,920 Speaker 1: and forty five million for them. So what's gone wrong? 69 00:03:38,120 --> 00:03:40,640 Speaker 3: I think from someone who wasn't in the in the 70 00:03:40,680 --> 00:03:43,400 Speaker 3: financial side of things, in very sort of middle management. 71 00:03:44,440 --> 00:03:44,680 Speaker 2: You know. 72 00:03:45,160 --> 00:03:50,120 Speaker 3: We think the staff were incredibly passionate. They really wanted 73 00:03:50,240 --> 00:03:53,960 Speaker 3: a really positive outcome for customers. Was quite a complicated 74 00:03:54,400 --> 00:03:56,560 Speaker 3: setup in order to be able to get that that 75 00:03:56,640 --> 00:04:01,560 Speaker 3: financing facility and create you know, these this energy service 76 00:04:01,680 --> 00:04:04,600 Speaker 3: that you know, would save customers. You know, I think 77 00:04:04,640 --> 00:04:07,520 Speaker 3: the average savings over twenty years and now our twenty 78 00:04:07,520 --> 00:04:11,320 Speaker 3: five year contract was around twenty grand, you know, fixing 79 00:04:11,360 --> 00:04:16,000 Speaker 3: in your up to ninety percent of your of your electricity. 80 00:04:17,160 --> 00:04:19,200 Speaker 3: You know, such a good thing, right and sort of 81 00:04:19,200 --> 00:04:22,240 Speaker 3: because over time energies prices are increasing at least five 82 00:04:22,320 --> 00:04:24,960 Speaker 3: or six percent a year in the country. But we 83 00:04:25,200 --> 00:04:28,400 Speaker 3: just I think, look, I think personally, I think there 84 00:04:28,440 --> 00:04:32,279 Speaker 3: was probably things could have been handled a bit better 85 00:04:32,839 --> 00:04:36,080 Speaker 3: with EZEC. I think we also too, We're very close 86 00:04:36,120 --> 00:04:40,320 Speaker 3: to being break even by the end of this financial year, 87 00:04:40,880 --> 00:04:45,200 Speaker 3: you know, June next year. But for some reason, the 88 00:04:45,240 --> 00:04:49,000 Speaker 3: tap got turned off by black Rock and decided to liquidate, 89 00:04:49,040 --> 00:04:51,200 Speaker 3: which again I don't think is that common in this country, 90 00:04:52,760 --> 00:04:54,840 Speaker 3: and just yeah, are really sad state of affairs. I mean, 91 00:04:54,880 --> 00:04:57,800 Speaker 3: they Blackrock invested in US because we're doing some some 92 00:04:58,120 --> 00:05:00,880 Speaker 3: technology smarts that actually know we're our in the world's 93 00:05:00,880 --> 00:05:05,240 Speaker 3: been done and it's you know, it's it's it's a 94 00:05:05,279 --> 00:05:07,760 Speaker 3: real void, I think, you know, and it's not great 95 00:05:08,120 --> 00:05:11,760 Speaker 3: a great look for solar in New Zealand. We've only 96 00:05:11,760 --> 00:05:15,159 Speaker 3: got a three percent solar penetration here, so three percent 97 00:05:15,200 --> 00:05:18,839 Speaker 3: of homes here have solar where is our Ozzie neighbors 98 00:05:18,839 --> 00:05:22,960 Speaker 3: have thirty seven percent? And you know this is it's 99 00:05:23,040 --> 00:05:26,320 Speaker 3: just another kick in the guts for a pretty pretty awesome, 100 00:05:27,080 --> 00:05:31,800 Speaker 3: you know, energy energy service that you know, could really 101 00:05:31,800 --> 00:05:33,200 Speaker 3: really help kiwis. 102 00:05:33,360 --> 00:05:35,240 Speaker 1: Mike listen, best of luck of the protests and thanks 103 00:05:35,240 --> 00:05:37,280 Speaker 1: for talking us through it. It's Mike, who's a form 104 00:05:37,279 --> 00:05:38,839 Speaker 1: of solar zero employee. 105 00:05:39,560 --> 00:05:42,720 Speaker 3: For more from Heather Duplessy Allen Drive, listen live to 106 00:05:42,839 --> 00:05:45,880 Speaker 3: news talks. It'd be from four pm weekdays, or follow 107 00:05:45,920 --> 00:05:47,679 Speaker 3: the podcast on iHeartRadio.