As a result of the new focus on the US, the company has decided to close its offices in New Zealand, Melbourne and Kuala Lumpur.

Chief executive of REC, Mr Steve Blanch, resigned from the board after declining to relocate to the US and chairman and major shareholder, Mr Paul Williams, has been appointed acting chief executive.

The company said despite significant investment that have been made over the past few months in capital equipment for various projects under development, its financial position remains solid with a cash balance of $24.5 million and no debt.

Sharemarket investors did not like what they heard and sent Renewable Energy stock down by 4c to 47c at time of writing.