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 ...
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!
Regards,
GtG
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.
From Platts.com
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
It’s ‘free trade’ free traitin’ shutdown of another US economic sector.
All planned
Very sad. What have we done?
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