Connect with us

Hi, what are you looking for?

CleanTechnica
Solyndra, a California solar panel maker – once a showcase for the Obama administration’s attempt to create clean energy jobs – stopped operating Wednesday as it filed for bankruptcy protection. In the wake of its closing, the closure leaves 1,100 people out of work. It also leaves behind $535 million in federal loans.

Clean Power

Showcase Solar Company Solyndra Files for Bankruptcy

Solyndra, a California solar panel maker – once a showcase for the Obama administration’s attempt to create clean energy jobs – stopped operating Wednesday as it filed for bankruptcy protection. In the wake of its closing, the closure leaves 1,100 people out of work. It also leaves behind $535 million in federal loans.

Increased competition from China has led to lower prices on solar panels

The renewable side of the energy equation is understandable; the revenue formula isn’t, especially as less-expensive products are introduced to the marketplace…

Solyndra, a California solar panel maker — once a showcase for the Obama administration’s attempt to create clean energy jobs — stopped operating Wednesday as it filed for bankruptcy protection. In the wake of its closing, the closure leaves 1,100 people out of work. It also leaves behind $535 million in federal loans.

According to an article in the Washington Post, over the past two years, President Obama and Energy Secretary Steven Chu each had made congratulatory visits to the company’s Silicon Valley headquarters.

Solyndra officials said in a news release that they were suspending operations and planned to seek Chapter 11 bankruptcy protection. A Chapter 11 filing allows the company time to weigh options, including reorganization, selling the business, or licensing its panel technology to other manufacturers.

“This was an unexpected outcome and is most unfortunate,” Solyndra chief executive Brian Harrison said in a statement. “Regulatory and policy uncertainties” made it impossible to raise capital to quickly rescue the operation, he said, making no reference to the $535 million loan that is guaranteed by taxpayers.

In a statement, the White House said the news is a disappointment, however, “the Department of Energy’s overall portfolio of investments continues to perform well and is on pace to create thousands of jobs.”

Wednesday’s announcement came amid a broader shakeout in the solar industry. Energy Department officials said that less expensive solar panels made by government-subsidized companies in China undercut Solyndra’s products.

For consumers, the drop in PV panel pricing will be welcome news.

Photo: tonynetone

 

 

Advertisement
 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

is a writer, producer, and director. Meyers was editor and site director of Green Building Elements, a contributing writer for CleanTechnica, and is founder of Green Streets MediaTrain, a communications connection and eLearning hub. As an independent producer, he's been involved in the development, production and distribution of television and distance learning programs for both the education industry and corporate sector. He also is an avid gardener and loves sustainable innovation.

Comments

You May Also Like

Research

It’s a simple premise: To truly improve the health, safety, and security of human beings, you must first understand where those individuals are. Everything else...

Batteries

New Database Provides Free, Public Access to Federal Policies, Incentives, Executive Orders, and Regulations Related to Batteries for EVs and Stationary Energy Storage By...

Clean Power

Anticipating key features of wind plants a decade or more ahead of their installation can inform today’s investment, research, and energy system planning decisions....

Grid

Room-temperature superconductors could transform everything from electrical grids to particle accelerators to computers — but before they can be realized, researchers need to better...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.