Winner 2013 Webby Awards for Best Political Website
Top Banner, Site wide
Apr 18, 2014

 Choose a size
Text Size

Top Leaderboard, Site wide

Star-Spangled Baggage
Science Finds New Routes to Energy




The Divide


Truthdig Bazaar more items

 
Ear to the Ground

Obama’s Favorite Solar Company Files Bankruptcy

Email this item Email    Print this item Print    Share this item... Share

Posted on Aug 31, 2011
AP / Paul Chinn

President Obama is given a tour of Solyndra in 2010 by Executive Vice President Ben Bierman and then-CEO Chris Gronet, left, of the Fremont, Calif.-based company.

Solar-cell manufacturer Solyndra, one of the first green-tech companies to win a loan guarantee from the Obama administration in 2009, announced Wednesday that it will cease operations, lay off its 1,000-plus employees and file for bankruptcy.

Once cited as one of the most innovative companies in the ever-evolving solar industry and touted as a symbol of America’s economic recovery, Solyndra was seemingly sunk by the exceedingly low cost of manufacturing in China.

But Solyndra’s high-profile failure is less a symbol of China’s domination over global manufacturing than an expensive ($535 million) lesson on the real world benefits of the federal stimulus program. —BF

San Francisco Chronicle:

But Solyndra, whose 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. The company last year canceled plans for a $300 million initial public stock offering and closed its original Fremont factory, laying off 40 people.

This morning, as workers on the night shift left the factory floor, Chief Executive Officer Brian Wilson met with them to break the news. Most had been let go by 9 a.m.

“We are incredibly proud of our employees, and we would like to thank our investors, channel partners, customers and suppliers for the years of support that allowed us to bring our innovative technology to market,” Wilson said, in a press release. “This was an unexpected outcome and most unfortunate.”

Read more

More Below the Ad

Advertisement

Square, Site wide

New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

A Bird in the Hand's avatar

By A Bird in the Hand, September 2, 2011 at 7:05 am Link to this comment

If we can’t slam the door on China we are going down..

Report this
Lafayette's avatar

By Lafayette, September 1, 2011 at 3:08 pm Link to this comment

Yep, this bankruptcy is Obama’s fault too!

Report this
Leefeller's avatar

By Leefeller, September 1, 2011 at 2:43 pm Link to this comment

Competing against Chinese subsidized companies from a market which has no integrity, would seem a handicap right out the starting gate.

I could not connect the the Chronicle Link, but many things could have done the deed, bad management, corrupt management or just a Wal Mart competition smothering of a smaller business?

Just about everything is made in China these days. Hell China can be buying the GOP from the looks of things. Recently we heard about the toys coming from Chin in the Factories where employees are abused and made to work under heinous working conditions.

The GOP may be on the right track here, get rid of Unions and higher wages and benefits for workers, lower the minimum working age and the minimum wage plus make the US a right to work country! Vote GOP they are watching your CEO’s back,... workers just don’t bend over.

Report this
PatrickHenry's avatar

By PatrickHenry, September 1, 2011 at 3:22 am Link to this comment

Too bad they don’t have a military contract, they would be awash in money.

Report this

By bigjohn756, August 31, 2011 at 5:54 pm Link to this comment
(Unregistered commenter)

I’d offer a guess as to where the $535 million went,
but, I’d probably open myself to a lawsuit if I did.

Report this
Newsletter

sign up to get updates


 
 
Right 1, Site wide - BlogAds Premium
 
Right 2, Site wide - Blogads
 
Join the Liberal Blog Advertising Network
 
 
 
Right Skyscraper, Site Wide
 
Join the Liberal Blog Advertising Network
 

A Progressive Journal of News and Opinion   Publisher, Zuade Kaufman   Editor, Robert Scheer
© 2014 Truthdig, LLC. All rights reserved.