Wednesday, August 31, 2011

Another Day, Another Heavily Subsidized 'Green Energy' Plant Shuts Down

This time it's in California by the San Francisco Bay area. Employees working the evening shift at Solyndra's Fremont, CA plant were met by the CEO who gave them the news as they were coming off of their shift Wednesday morning.
Solar-cell maker Solyndra announced Wednesday that it will close its remaining Fremont factory, lay off its 1,100 employees and file for bankruptcy.

The news marked an abrupt end for a company once considered among the most innovative in a fast-changing industry. The bankruptcy also represents a high-profile failure for a federal stimulus program that gives loan guarantees to green-tech manufacturers.

Solyndra was the first company to win one of the guarantees, receiving $535 million in 2009 to build its second factory in Fremont less than a mile from the company's original plant. Both President Obama and former Gov. Arnold Schwarzenegger toured the new plant, citing it as a symbol of the nation's economic recovery and commitment to a green economy.

But Solyndra, whose solar modules are thin tubes rather than flat panels, struggled to compete against a flood of low-priced solar cells pouring out of heavily subsidized factories in China
Solyndria had backed out of a proposed IPO on 2010 as well. As far back as February, Congress had been probing into how exactly Solyndria secured the $535 million in financeial aid.

Earlier this month, Evergreen Solar- which had recieved more than $58 million in financial aid from the State of Massachusetts- filed for bankruptcy.

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