Fremont’s Solyndra Wins First DoE Funding
Obama Administration Offers $535 Million Loan Guarantee to Solyndra, Inc. Investment Could Lead to Thousands of New Jobs
Energy Secretary Steven Chu today offered a $535 million loan guarantee for Solyndra, Inc. to support the company’s construction of a commercial-scale manufacturing plant for its proprietary cylindrical solar photovoltaic panels. The company expects to create thousands of new jobs in the U.S. while deploying its solar panels across the U.S. and around the world.
The cylindrical design captures more light for more annual solar electricity generation, a bit like the evacuated tube solar thermal systems.
Solyndra panels employ cylindrical modules which capture sunlight across a 360-degree photovoltaic surface capable of converting direct, diffuse and reflected sunlight into electricity.
This self-tracking design allows Solyndra’s PV systems to capture more sunlight than traditional flat-surfaced solar panels.
My source, a friend of the CEO, described it like this:
“They had applied for an available DOE funding program two years ago, and were just strung along all that time. To make a long story short…
… they put themselves on the radar once more, after Obama took office and Steven Chu was confirmed as Secretary of Energy. Lo and behold! They are now in the happy position of being the first recipients of the DOE’s loan guarantee program which is part of the stimulus bill… w00t!”
How good it is to hear of real actual progress on the innovative renewable energy front amidst all the gloom and doom. Now let these innovation-driven green jobs rain down on Fremont, California! Yay!
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March 21st, 2009 at 3:53 am
I guess the U.S. need to accept the suggestions of the E.U., and the E.U. need to adopt an advanced smart grid technology, which is worth the deficit for job creation and economic activity, is something to do ultimately.
I think like USA, the world economy also urgently needs job creation, and like internet, the global economy requires common ground, that is why The World-Wide Green New Deal is necessary.
We can not rebuild grand economy on the volatile, declining energy base, instead, the world has enough technology and its potential, I suppose.
Thank you !
March 21st, 2009 at 5:46 am
It may be the correct decision – let us hope so!
I expect far more short term jobs will created during construction than during operations.
Hi Tech processes are great for generating the least amount of jobs per million dollars invested as the plants are highly automated.
The automation is required for quality control and future cost control considerations.
This company/plant must be successful in order for repayment of the loan to take place.
March 21st, 2009 at 3:13 pm
I think you are not looking at the long term here, Russ. Where there is innovation that leads to a better mousetrap like this there’s sales to be made for years.
Especially for commercial big box stores and buildings this is a real advance, and especially as it is cheap and transportable.
I do commercial solar estimates and often find that businesses that rent want to be able to take their solar with them if they move. There’s many ways this helps us in the industry make our jobs easier.
So there will be lots of longterm jobs rolling this stuff off assemblylines, selling it, that leads to more other related solar industry and construction jobs.
March 22nd, 2009 at 8:05 am
I was discouraged on first reading this also because the ratio of how many will be employed to the people building the plant was so high.
WHo do you think will get or deserves the next loan from DOE?
March 24th, 2009 at 1:44 pm
Solyndra’s millions in marketing and paying columnists to talk them up finally pays off.
March 25th, 2009 at 12:14 pm
We shouldn’t be allocating this money to young startup companies with significant execution risk. Even if they are successful they will only pour more panels into an oversupplied market. These loan guarantees should be focused on project developers who can take advantage of this oversupply of modules and will be far lower risk investments.
March 25th, 2009 at 10:43 pm
@eh – I am close to Solyndra. Millions HAVE NOT been spent in marketing or paying columnists. Quite the contrary. Know your facts before posting such info.
March 26th, 2009 at 3:25 pm
What Bob said: – I am hardly a columnist, indeed I work for another solar company, but I can attest that millions, (or even pennies) have not been paid to me, nor the old friend that I got the inside story from.
April 4th, 2009 at 1:46 pm
Taxpayers shouldn’t be asked to back high risk VC investments. Leave that to the VCs. “Sol” is right that the money should go to make a market and let the VCs chase the market. Solyndra is all smoke and mirrors. The modules are less than 8% efficiency and the cost to make them on tubes is much higher than on flat window glass. They will never make a profit. The only question is who will be left holding the bag when the company finally collapses. Looks like the VCs just got bailed out by the government.