Clouds Overtake Solar-Panel Firm |
| Wall Street Journal - Aug 31, 2011 |
Despite receiving a $535 million federal loan and about $1 billion in venture capital, high-profile solar-panel maker Solyndra Inc. plans to file for bankruptcy protection, undermined by a weak global economy and competition from China.
The Fremont, Calif., company said Wednesday it is suspending manufacturing operations immediately and laying off 1,100 full-time and temporary employees.
Solyndra's planned Chapter 11 filing is a black eye for the clean-technology industry and for a federal program to guarantee $25 billion in loans, showing the danger of investing in a capital-intensive sector in which products can quickly become commoditized.
Solyndra adds to a list of crippled solar ventures. Evergreen Solar Inc. entered bankruptcy protection in August after closing a Massachusetts plant. SpectraWatt Inc., an Intel Corp. spinoff, also filed for bankruptcy protection in August, after closing a New York factory.
Read Full Article from Wall Street Journal
- Posted: 2011-08-31 21:01:42
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