Solar company that got federal loan shuts down (BANKRUPT!)

msnbc ^ | 8/31/2011 | KEVIN FREKING, JASON DEAREN/AP

[tobyhill]

A California solar-panel manufacturer once touted by President Barack Obama as a beneficiary of his administration's economic policies — as well as a half-billion-dollar federal loan — is laying off 1,100 workers and filing for bankruptcy.

Solyndra LLC of Fremont, Calif., had become the poster child for government investment in green technology. The president visited the company in May 2010 and noted that Solyndra expected to hire 1,000 workers to manufacture solar panels. Other state and federal officials such as former Gov. Arnold Schwarzenegger and Energy Secretary Steven Chu also visited the company's facilities.

But hard times have hit the nation's solar industry. Solyndra is the third solar company to seek bankruptcy protection this month. Officials said Wednesday that the global economy as well as unfavorable conditions in the solar industry combined to force the company to suspend its manufacturing operations.

The price for solar panels has tanked in part because of heavy competition from Chinese companies, dropping by about 42 percent this year.

Republicans have been looking into the Solyndra loan for months. The House Energy and Commerce Committee subpoenaed documents relating to the loan from the White House Office of Management and Budget. GOP Reps. Fred Upton of Michigan and Cliff Stearns of Florida issued a joint statement on Wednesday saying it was clear that Solyndra was a dubious investment.

"We smelled a rat from the onset," the two lawmakers said.

Shortly after the company's announcement, it became clear that the bankruptcy would serve as further ammunition to criticize an economic stimulus bill that provided seed money for solar startups — even though officials said interest in providing Solyndra with guaranteed government loans was first sought under the Bush administration.

[familyop]

"In East Tennessee anyone using solar alone is going to be in a world of hurt unless they live out in the middle of a field on top of a high ridge."

Agreed. I once lived not so far from there. Now I'm at over 9,000 ft. elev. in the West with sunny days almost all year. Even wind turbines work here, if they're built strong enough (high winds nearly all winter require large, heavy, open, homebuilt alternators on trailer hubs with the new MPPT controller). But we pay for it with weather so cold, that most people couldn't imagine it, and high winds most of the year (e.g. 30 below with 80 mph + winds and icy snowdrifts, once in a while, taller than me).

If I were in a much cloudier place, I'd almost surely go with much firewood, insulation and frugality.

[cva66snipe]

I don’t have solar but I do have a battery back up system with a 750 watt inverter for lights. When my wife gets new batteries for her wheelchair I get the old ones :>}. Last winter I picked up a used 4200 watt generator for back up. I can use the inverter to keep from having to run the generator full time if the power goes out.

[oyez]

Algore’s thinking is confined to his beloved “Lockbox”. He fears something that would bring about the equivalent of another Industrial Revolution.

[oyez]

Algore’s thinking is confined to his beloved “Lockbox”. He fears something that would bring about the equivalent of another Industrial Revolution.

[familyop]

"To give you some idea a green Wally World was built nearby using sky lights as the primary lighting for daytime. It's like being in a room with someone flipping the lights off and on."

So true. Can't emphasize that enough. Here, there's also very little atmosphere overhead. Go outside in a dark colored shirt on a summer day with 65-70 degrees in the shade, and pretty quick, the shirt'll get really hot and smell like it's being ironed...and stay that way. It's not like most oxygen-rich places at all.

[familyop]

"I don’t have solar but I do have a battery back up system with a 750 watt inverter for lights. When my wife gets new batteries for her wheelchair I get the old ones :>}. Last winter I picked up a used 4200 watt generator for back up. I can use the inverter to keep from having to run the generator full time if the power goes out."

That's very wise. If you keep those batteries charged all the time, they'll last quite a while.

[When do we get liberated?]

But what about the “unfavorable conditions”? They were limited to only a half a billion in free money and tax incentives for people to use their products

[When do we get liberated?]

But what about the “unfavorable conditions”? They were limited to only a half a billion in free money and tax incentives for people to use their products

[M. Espinola]

My 'Green' scam is raking in the (taxpayers) dough!

[hsalaw]

They were limited to only a half a billion in free money and tax incentives for people to use their products

Those are "unfavorable conditions," all right. I wish I had those "unfavorable conditions."

[REPANDPROUDOFIT]

The price for solar panels has tanked in part because of heavy competition from Chinese companies

The price has tanked because it isn't a cost-effective product and consumers know it! Supplementing a company to produce a product the public doesn't want - that is the height of stupidity. Problem is, Obama does it with my money!

That $535 billion could have bought a lot of solar panels from the Chinese. I wonder how many American homes could have been outfitted with solar hot water instead of pouring the money down the "green jobs" drain.

[REPANDPROUDOFIT]

All I want to know is what Solyndra did with the $535 billion? What kind of salaries were they paying; benefits, bonuses?

Will the now unemployed workers or executives be receiving a pension and retirement benefits in the future?

[REPANDPROUDOFIT]

$535 million for what? The company said it would use the money to expand it's facility and hire a thousand new workers. Surprise, surprise! The expansion never happened.

http://uk.reuters.com/article/2011/08/31/solyndra-idUKN1E77U0ZF20110831

The Energy Department came under criticism last year when the company postponed plans to expand the Fremont factory, cut jobs and withdrew plans for an initial public offering.

[Chickensoup]

One small nuke plant could out produce twice as many “whirligigs”. And when the wind calms, the nukes keep pumpin’

Am looking forward to it.