I’m a big supporter of solar, but, this just goes to show that it is not ready for prime-time, even with massive amounts of federal subsidies
Solyndra, a Fremont-based solar panel manufacturer that flared then sputtered, abruptly ceased operations on Wednesday and immediately laid off all 1,100 of its workers.
The shutdown marks a high-profile collapse of a company that received more than $1.6 billion in federal and private funding in recent years.
“This was an unexpected outcome and is most unfortunate,” Brian Harrison, Solyndra’s president and chief executive, said.
The company received $535 million in taxpayer money from the U.S. Department of Energy and $1.1 billion in private venture capital funding.
Solyndra has offered no severance package, no extension of health insurance, and plans on filing chapter 11.
President Barack Obama touted Solyndra as a poster child for clean energy after the company received the federal funds.
“Companies like Solyndra are leading the way toward a brighter and more prosperous future,” Obama said during a 2010 visit to the company’s Fremont headquarters.
Perhaps, considering Chump’s reverse Midas touch, it would have been better had he just left them alone…..
Ed Morrissey: “Solyndra certainly proved something about Obamanomics. It proved it to be a costly flop.”