The biggest flameout of the solar silicon/PV market is expected to have major repercussions. Solyndra suddenly stopped operations at its California plant on Aug. 31, and immediately laid off all 1,100 of its workers.The company received $1.6-billion ($535-million in federal aid and $1.1-billion in private equity funding).
Solyndra had recently completed construction of a solar equipment factory that was built and equipped with funds from the federal loan.
The company had spent $527-million of the $535-million from the DOE grant.
Solyndra intends to file for Chap. 11 bankruptcy in a federal court in Delaware this week.
President Barack Obama touted Solyndra as a poster child for clean energy after the company received the federal funds. “Companies like Solyndra are leading the way toward a brighter and more prosperous future," Obama said during a 2010 visit to the company’s Fremont, CA, headquarters. The company was competing against Chinese companies and analysts said its cost of production was excessively high.
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