Friday, September 2, 2011

Solar Bankruptcy

Bloomberg and HuffingtonPost both report that a major California Solar Company is filing Chapter 11 Bankruptcy.

 "Solyndra, a Silicon Valley solar energy firm, subsidized to the tune of $500 million and held as a 'gleaming example of green technology,' announced bankruptcy yesterday. 1,100 employees fired."
In May, 2010, President Obama visited Solyndra and told an audience of employees that the "incredible, cutting-edge solar panels" being manufactured there were "testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world."

Solyndra Inc., a maker of solar modules that received a $535 million loan guarantee from the U.S. Energy Department, suspended operations and plans to file for bankruptcy, saying it couldn’t compete with larger rivals.

Solyndra produces cylindrical panels that convert sunlight into electricity using copper-indium-gallium-diselenide thin- film technology. Standard solar panels are flat. “Manufacturing and assembly costs associated with a Solyndra module aren’t particularly scalable,” Krop said.

Rep. Henry Waxman, a California Democrat, reiterated that. Recent bankruptcies of U.S. solar companies are a warning and “we should be doing everything possible to ensure the United States does not cede the renewable energy market to China and other countries,” he said in an e-mailed statement.
SpectraWatt Inc., a solar company backed by units of Intel Corp. and Goldman Sachs Group Inc., filed for bankruptcy protection Aug. 19, and Evergreen Solar Inc. did so Aug. 15.

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