Solar start-up Solyndra LLC, succumbing to pressure from lower-cost Chinese rivals, said it has suspended operations and plans to file for bankruptcy, 15 months after President Barack Obama visited a company factory that was to be expanded with the help of a federal loan guarantee. (Reuters)
Green Nightmare: White House-Backed Solar Energy Company Collapses
Wednesday, 31 August 2011 19:02 ABC News & iWatch News
Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs. (GWPF)
As Predicted, Team Obama Just Wasted $535 Million
By Greg Pollowitz
Solyndra, the California-based solar tech outfit, which we on Planet Gore have considered a bad investment for taxpayers for over a year, is reportedly out of business as of today: (Planet Gore)
Forget entrepreneurs, captains of industry, inventors, and scientists. According to Obama Energy Secretary Steven Chu, we have the U.S. government to thank for all the wonders of technology. (The Foundry)
Major donors to President Obama have received favorable treatment throughout his administration. Today’s news that solar company Solyndra is going bankrupt demonstrates the consequences of that apparent cronyism. The company’s demise is likely to cost taxpayers hundreds of millions of dollars. (Scribe)
The Fremont, Calif., company, which had received a $535-million Energy Department loan guarantee and hosted a tour by President Obama, plans to seek bankruptcy protection. (LA Times)
Department of I’m an Idiot: A Solar Company Goes Bust
By MICHAEL GRUNWALD
Well, I guess the reports of the solar manufacturer Solyndra’s death weren’t so exaggerated after all. Just a few months premature.
Solyndra declared bankruptcy on Wednesday and laid off its 1,100 employees. I’ll have more to say about this after I chat with the smooth-talkers who got me to report in June that Solyndra “no longer seems to be on the verge of a humiliating collapse.” In my quasi-defense, I did write: “Of course, Solyndra could still fail.” The early word is that the financing they had lined up at the time fell through after the market soured this summer. Whatever. I should have been more skeptical.
So what does this mean for the federal loan guarantee program, which awarded Solyndra its first loan, for $535 million, and is now presumably about to own an awesome California factory full of robots that produce non-traditional rooftop solar panels that not enough roof-owners want to buy? (Time)
The collapse of a once-promising Bay Area solar panel manufacturer may signal a shaky future for a green jobs sector targeted for government stimulus spending, experts said Wednesday.
Two main factors led to Solyndra’s bankruptcy — China exporting increasingly cheap solar panels and the company using a design that made sense only when materials costs were high, said Severin Borenstein, professor at UC’s Haas School of Business and co-director at the school’s Energy Institute.
The collapse also exposed the folly of stimulus programs that venture too far downstream into areas where the governments trying to pick winners, he said. Solyndra had received a $535 million federal loan guarantee. (Contra Costa Times)