Skip to comments.Solyndra to Declare Bankruptcy
Posted on 08/31/2011 9:17:46 AM PDT by Hojczyk
Solyndra, a major manufacturer of solar technology in Fremont, has shut its doors, according to employees at the campus.
"I was told by a security guard to get my [stuff] and leave," one employee said. The company employs a little more than 1,000 employees worldwide, according to its website.
Shortly after it opened a massive $700 million facility, it canceled plans for a public stock offering earlier this year and warned it would be in significant trouble if federal loan guarantees did not go through.
Solyndra Worker Speaks
The company has said it will make a statement at 9am California time, though it's not clear what that statement will be. An NBC Bay Area photographer on the scene reports security guards are not letting visitors on campus. He says "people are standing around in disbelief." The employees have been given yellow envelopes with instructions on how to get their last checks.
Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs. The President visited the facility in May of last year and said "it is just a 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. And you guys all represent that. "
The federal government offered $535 million in low cost loan guarantees from the Department of Energy. NBC Bay Area has contacted the White House asking for a statement.
Some Republicans have been very critical of the loans. "I am concerned that the DOE is providing loans and loan guarantees to firms that aren't capable of competing in the global market, even with government subsidies" Florida Congressman Cliff Stearns told the New York Times.
(Excerpt) Read more at nbcbayarea.com ...
Another Obama FAIL. Gee, who saw that coming?
Rule 1: Socialism has never worked. Anywhere.
Rule 2: Pretty soon you run out of other people’s money (from Margaret Thatcher).
Rule 3: When you get to Rule 2, go back and read Rule 1.
apparently they “ran out of someone else’s money”
Turn off the coal/nuclear/hydro powered lights, pack up your petroleum based belongings, get in your gas powered vehicle and go.
Shortly after it opened a massive $700 million facility, it canceled plans for a public stock offering earlier this year and warned it would be in significant trouble if federal loan guarantees did not go through...
Has anyone kept a list of these “Green” job companies going out of business?? The last one I heard of appeared to be in existance, or started operations at about the time they rec. US Gov. monies.. A year later, gone! ????
Money laundering??? another con?? I don’t know, but somthing doesn’t just doesn’t add up here.
How about a country Spain.
Why does Obama want a road bill? he doesn't want anyone driving but himself
Spain, please pick up the courtesy phone.
Agreed, but I’m thinking more like marstegreg in post #9
Why anyone would do this in California of all places, is beyond me. Why not just directly shovel your money to all the levels of government that exist there, to take it from you? The stupid federal grant they got - a huge percentage of that I am certain just got pissed away in CA taxes and regulations.
I’m guessing a TON of money went into executive salaries and Democrat campaigns coffers.
Are companies still eager to have Øbama come and visit them?
How may companies has he ran into the ground so far?
F U B O
California is shutting down all traditional power plants, they said solar would take its place but of course that ain’t happening.
They call this plan, negawatt production.
The honchos at the RNC should be cutting a commercial RIGHT NOW showing Obama touting the plant last year on his visit. They should show the commercial immediately AFTER his ‘jobs’ speech to the Congress he is giving on September 7th, where by all accounts he is going to call for even MORE gov’t cash to create ‘green jobs’.
The first half of the commercial should show Barry at the plant touting the jobs and then juxtapose the people today being given pink slips in front of the chained gate.
The second half of the commercial should show drilling rigs in the US drilling for oil in the Bakken shale, Eagle Ford, or nat gas in the Marcellus. There should be a voice over saying the US oil industry is not asking for tax breaks and gov’t money to create phony ‘green jobs’, they are only asking for the gov’t to get the HELL OUT OF THE WAY and let them create good paying jobs.
This story perfectly illustrates the kind of crony capitalism this administration engages in, choosing winners and losers, rewarding friends and punishing enemies.
The $500 million went to build manufacturing plants in China. Solyndra goes bankrupt, and Obama has just gifted china with a new manufacturing capability at absolutely no cost to the Chinese people or government.
It’s ‘free trade’ free traitin’ shutdown of another US economic sector.
How’s those green jobs doing, Zero and Gov. Lord of the Flies?
milwguy, the RNC and the pub politicians are way too busy stuffing their own pockets to put any effort into pointing out the epic fail this represents for Obama. Besides, they have probably already decided that the best thing to do is lay low and saying nothing of this as it might upset people, hoping it will fall off the radar ASAP. Lord in Heaven, please give us a party that represents conservative values.....
This subsidized outfit declares bankruptcy about four weeks after Evergreen Solar, subsidized by so-called Massachussetts ‘state’ funds, made it’s bankruptcy filing.
Governor of MA is a close bud of the One. They’re dropping like flies at an Obama TV interview.
'Crony capitalism' is just a fancy term for 'fascism'.
Joe Biden, pick up the courtesy phone. Doesn’t a $700 million green mistake mean anything to you?
Less than 2 weeks ago ...
Company Press Releases:
“Chris Gronet Takes on Advisory Role for Solyndra
August 19, 2011
Dr. Chris Gronet, Founder of Solyndra and former CEO and Chairman, has transitioned to the role of advisor and consultant. He will be pursuing new opportunities and challenges in clean-tech. We would like to thank Chris for his innovations and efforts that gave birth to Solyndra and for his visionary leadership during the first 5 years.
We wish him success in his new endeavors.”
Follow the money and the executives from this company, probably bundlers for the dems and zerO.
When solar energy can compete, it will. Progress happens when something better comes along. So far, solar energy doesn’t fit that description, and throwing tax dollars at it won’t change things.
How’s Tesla Motors doing ?
Sure is dark around here when the sun goes down!
Tax payers are on the hook for $535 million which was doled out by partisan government bureaucrats to back a company with an unsustainable business model. We need a more rigorous and competitive process in the granting / loan guarantee programs run by the government (which is of course using our hard earned money). There is an alternative. Check out the bill currently in committee in Congress by Rep. Nunes (CA), yes a conservative from CA. I heard him speak this week and it was refreshing to hear his ideas.
The bill would establish a renewable energy trust fund, which avoids the federal government picking winners and losers in technology, Nunes said. Monies from the fund, established through oil drilling lease and royalty revenues, would be distributed using a reverse auction for renewable energy in which projects would bid for federal assistance on a per megawatt basis. The lowest bid wins, regardless of technology, and auction winners would enter into a contract with the federal government to generate a certain amount of energy from renewable sources in a specified time frame.
Winning The Future! Unexpectedly!
That must've been on his Kiss of Death Tour 2010. Did the employees at least get KoDT 2010 t-shirts?
Another 1,100 jobs created or saved by Obama. /s
Its free trade free traitin shutdown of another US economic sector.
Very sad. What have we done?