Solyndra, Maker Of Solar Panels, Ceases Operations, Lays Off 1,100

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.”

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6 Comments

Comment by kentsmith
2011-08-31 16:58:07

I wonder how much money was stashed away or forwarded to the next venture. Some one needs to follow/chase the money in this deal.

 
Comment by gitarcarver
2011-08-31 20:30:06

The truly frightening thing about this is that the company said that it cannot compete with the Chinese in the solar energy area because the Chinese companies are getting massive subsidies.

I fear that sort of excuse will be an indication for Obama and others to demand more money be thrown at projects like this.

Solyndra spent 1.6 billion of which over half a billion was a loan by the taxpayers. That is now gone.

Maybe what Obama should do is buy Solyndra out and then the company can be run with the efficiency of General Motors.

::gag::

 
Comment by William Teach
2011-08-31 21:13:35

Damned good point, GT. I bet we will hear some sort of push along those lines when Chump gives his unbelievably boring and changeless speech on how only He can create jobs by doing the same thing that has not created jobs, but, this time it’ll work!

 
Comment by captainfish
2011-08-31 22:23:22

Teach.. a speech? By The One? Really? He is going to give us one of his rare and glorious speeches?

I really does hope he does help this company survive. IT is to big to fail and too many people will be hurt should it fail.

The people should be unionized under federal guidelines thus allowing constant, liberal, forever compensation.

However, you guys do bring up a good point. Capitalism is dead. Subsidysm needs to rise in order to save this nation. And the world. We can no longer survive under the greed and indifference of Capitalism. We must move toward equality, responsibility, and directiveness under the guidance of Subsidysm.

Want proof?

 
Comment by Word
2011-09-01 08:18:12

The other unfortunate aspect of the OBAMA ECONOMY is things like windmills and solar panels get put off during a recession. People are not exactly rushing to have solar panels installed on their roofs when they fear they could lose their jobs.

I rather suspect that George Soros will buy the company and receive 10 billion dollars in subsidies from the Government under the Obama Administrations CRONY Communist tea party.

Oh of course it will be thru a proxy corporation that shows no relationship to Soros but I rather suspect we have not seen the end of this company and it will end up on the government’s books before too long.

 
Comment by William Teach
2011-09-01 10:26:45

All Obama has is making a speech.

 

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