Solyndra - Wikipedia, the free encyclopedia. Solyndra Corporation. Solyndra logo. Start- up company.
In an interview with Marketplace.org (full audio), President Obama defends using U.S. During the interview, Obama was asked about Solyndra, one of the more well. Obama: Solyndra 'Not Our Program Per Se'. Sections; Top Stories; Video; Election; U.S. World; Entertainment; Health; Tech; Lifestyle; Money; Investigative; Sports; Good News; Weather; Photos. President Obama is defending government investment in companies trying to create new energy sources, while seeming to distance himself from one of the more controversial programs: Solyndra. Obama on Solyndra Loan: Barack Obama Solyndra Scandal: 13 Noteworthy Tweets From Green Energy. The Solyndra scandal was not about whether the use of stimulus funds to. Obama on Solyndra Failure: 'This Was Not Our Program Per Se.
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Industry. Energy. Fate. Bankruptcy.
Founded. 20. 05. Founder. Christian Gronet. Defunct. 20. 11. Headquarters. Fremont, California. Key people. Brian Harrison, CEOBill Stover, CFOKaren Alter, SVP of Marketing. Corby Whitaker, VP, Sales United States.
John Gaffney, Corporate Counsel. Ben Bierman, EVP Operations and Engineering. Revenue. 20. 09 = $1. Million. 20. 10 = $1.
Million. 20. 11 = pending. Owner. George Kaiser Family Foundation,U. S. Venture Partners,CMEA Ventures,Redpoint Ventures,Virgin Green Fund,Madrone Capital Partners,Rock. Port Capital Partners,Argonaut Private Equity,Masdar and Artis Capital Management.
Number of employees. Websitewww. solyndra. Although the company was once touted for its unusual technology, plummeting silicon prices led to the company's being unable to compete with conventional solar panels made of crystalline silicon. The panels perform optimally when mounted horizontally and packed closely together, the company claimed, covering significantly more of the typically available roof area and producing more electricity per rooftop on an annual basis than a conventional panel installation. The panels were made of racks of cylindrical tubes (also called tubular solar panels), as opposed to traditional flat panels.
Lessons From Solyndra. Proponents of the DOE's loan guarantees have responded to the Solyndra failure by saying that the program has. After once touting Solyndra as a success story, President Obama sought to distance himself from the now-bankrupt and scandal-plagued manufacturer of solar panels, blaming Congress and China for the debacle instead.
Solyndra rolled its CIGS thin films into a cylindrical shape and placed 4. Solyndra designers thought the cylindrical solar panels absorbed energy from any direction (direct, indirect, and reflected light). The company used equipment it had developed to deposit CIGS on the outside of the inner tube, which includes up to 2. CIGS cells. On top of the CIGS material, it added an . After inserting the inner tube into the outer tube, each cylinder is filled with a silicone oil.
The hermetic sealing technology is commonly used in fluorescent lamps. It was thought that on a white roof, the panels can capture up to 2. Solyndra's on- line energy modeling tool allowed designers to specify the roof albedo, and energy output varied as a function of albedo.
Twenty percent is cited as typical figure and was validated by careful testing and modeling by the Fraunhofer Institute, among others. However, this report is not available on- line.)The other advantage claimed by the company was that the panels did not have to move to track the Sun. The panels are always presenting some of their face directly perpendicular to the Sun. According to the company, these factors enable the installation of PV on a broader range of rooftops without anchoring or ballast, which are inherently problematic. Solyndra claimed that wind and snow loads are negligible and that its panels are lighter in weight per area. The Solyndra 1. 00/2.
However, calculating from the data provided shows the high- end 2. The company stated the total count was 1. The company's website claimed there were more than 1,0.
Solyndra systems installed around the world, representing 1. He took the reins on 2. July 2. 01. 0 when founder Chris Gronet was replaced as CEO. Venture Partners, CMEA Ventures, Redpoint Ventures, Virgin Green Fund, Madrone Capital Partners, Rock.
Port Capital Partners, Argonaut Private Equity, Masdar and Artis Capital Management. It was estimated that its production and sales growth could lead to a market cap between $1. Energy Department loan guarantee, the first recipient of a loan guarantee under President Barack Obama's economic stimulus program, the American Recovery and Reinvestment Act of 2. Fab 2 was built with the support of a $5. According to an initial public offering by the company, the combined annual production capacity of the plants was projected to be 6. After expanding production in 2. Market conditions were cited, with conventional solar modules manufactured in China by low- cost producers such as Suntech and Yingli offering stiff competition.
Seagate purchased the facility in 2. Between 2. 00. 9 and mid- 2. This precipitous drop in the cost of raw materials for Solyndra's competitors rendered CIGS technology incapable of competing. On August 3. 1, 2. Solyndra announced it was filing for Chapter 1. Zients that the plan should be cleared with the Department of Justice first, which the Department of Energy had not done.
The emails also revealed that as early as August 2. White House Chief of Staff Rahm Emanuel had asked a Department of Energy official if he could discuss any concerns among the investment community about Solyndra but that the official dismissed the idea that Solyndra had financial problems. Bankruptcy Court for the District of Delaware ruled . Gronet became an officer of Elevated Design LLC. This filing was canceled sometime later.
Energy Department put most of the blame for the incident on Solyndra. Dba 4th- Phase Washington, Inc. Lott (2. 7 September 2. Retrieved 1. 4 November 2. Tax Analysts - Tax Notes Today. TNT 2. 05- 2 (2. 01.
TNT 2. 05- 2). Retrieved 7 June 2. Solyndra Cylindrical Module. Retrieved 1. 3 June 2. Retrieved 1. 3 June 2.
New York City Department of Design and Construction. Retrieved 1. 3 June 2. Retrieved 2 September 2. Retrieved 2. 0 April 2.
Retrieved 1. 4 June 2. Retrieved 1. 4 June 2. Retrieved 6 April 2. San Francisco Chronicle. Retrieved 1. 4 June 2. Hires John Gaffney as Senior Vice President, Corporate Development and General Counsel. Retrieved 1. 4 June 2.
Retrieved 1. 4 June 2. Whitaker as Vice President of North America Sales. Retrieved 1. 4 June 2. Retrieved 3 November 2. News and Information, 2.
Retrieved 1. 3 June 2. Retrieved 2 September 2. The San Francisco Chronicle. Retrieved 8 September 2. Is Launching Investigation, ABC News, 8 September 2. Alison Vekshin and Mark Chediak (2.
United States Bankruptcy Court for the District of Delaware) (Section 3. NOL Carryovers) (Release Date: 1.
October 2. 01. 2) (Doc 2. Lacey, Stephen (November 2. Center for American Progress. Retrieved May 1. 0, 2.
The Wall Street Journal. Retrieved April 1. Dba 4th- Phase Washington, Inc.
Secretary of State, Washington State.
Murphy, Lessons From Solyndra. The collapse was a major embarrassment for the Obama Administration because both President Obama and Vice President Biden had publicly singled out Solyndra—recipient of some half a billion dollars in taxpayer- backed loan guarantees—as a shining success of their approach to job creation and climate change. The embarrassment soon turned to scandal, however, as legislators discovered that the Administration had apparently ignored early warnings about extending such loans to Solyndra. As of this writing (four months after Solyndra's collapse), Republican legislators are still pressing the Administration to release more emails between key officials to determine when they learned the true situation. Because both the George W. Bush and Obama Administrations supported such loan guarantees, this is a bipartisan critique.
Much more efficient policy options are available—options that are much less susceptible to corruption than are federal officials channeling hundreds of millions of dollars to privileged corporations. This was an unconventional approach, as Solyndra's competitors typically produced solar panels made of silicon. In July 2. 00. 5, the Bush Administration created the 1. Energy Policy Act of 2.
According to the Department of Energy's (DOE) website. Section 1. 70. 3.. Department of Energy to support innovative clean energy technologies that are typically unable to obtain conventional private financing due to high technology risks. In addition, the technologies must avoid, reduce, or sequester air pollutants or anthropogenic . After jumping through various bureaucratic hoops, by January 2.
Solyndra had convinced the DOE's credit committee that the project . President Obama, who had taken office in January 2. March 1. 9 trip to California.
However, the announcement was canceled when White House staff raised concerns, including a budget analyst's now- infamous email (apparently sent to his or her colleagues working for the president, though the names have been redacted) on March 1. In August 2. 00. 9, the White House Chief of Staff's office sent an email to the Office of Management and Budget (OMB), reminding it that the Vice President was scheduled to make an announcement regarding Solyndra and asking if there was anything the White House could do to . Three days later, Vice President Biden (via video link) and Energy Secretary Steven Chu, along with Governor Schwarzenegger, presided at a groundbreaking ceremony for Solyndra in Fremont, California. In his remarks to the crowd, Biden said of the incoming Obama Administration: . And within 2. 00 days we passed—2. American Recovery and Reinvestment Act..
The Recovery Act is working and you're going to see it work right on that site. Jobs you can raise a family on, green jobs, jobs that will serve as the foundation, for a stronger American economy. Which is why it's so important we invest in Solyndra, and invest in what Solyndra's doing, not just to get us through today, but to power our way to a much brighter tomorrow.. We're journeying in a sense, closer and closer to the sun, to a more solar- powered America.
And as we do, we're leaving a shadow of a less efficient, more damaging past behind us. And I'm really happy, along with the Secretary, to announce today, that we've closed a $5. Solyndra—more than half a billion dollars. This is the first of what the Secretary's going to be announcing, the Department of Energy will be making available, for more than $3.
Recovery Act is providing, and will provide, to American companies that are leading the way to a new, clean energy future. The loan to Solyndra will allow you to build a new manufacturing facility, and with it, almost immediately generate 3,0.
And once your facility opens, there will be about 1,0. Solyndra, and in the surrounding business community, and hundreds more to install your growing output of solar panels throughout the country. It's important because these jobs are going to be permanent jobs. These are the jobs of the future, these are the green jobs, these are the jobs that won't be exported. These are the jobs that are going to define the 2.
America to compete and to lead, like we did in the 2. I want to thank Vice President Biden for being a part of this event. I also want to thank Senator Feinstein.. Senator Boxer, and of course Governor Schwarzenegger for their leadership to develop a clean energy economy in California. As you can see, if you build a better solar panel, the world will beat a path to your door. Building a smarter solar panel is exactly what Solyndra has done. Compared to traditional solar panels, Solyndra's innovative thin- film systems produce more energy for less money and less hassle.
The proof that the world is clamoring for a clean energy economy, is that $2 billion worth of pending solar orders. You hear a lot these days about green jobs. Today we're seeing them in action. In his remarks, he said. It's fitting that this technology is being pioneered here in California. It's here that companies like Solyndra are leading the way, toward a brighter and more prosperous future..
The true engine of economic growth will always be companies like Solyndra.. But that doesn't mean the government can just sit on the sidelines. Government still has the responsibility to help create the conditions in which students can gain an education so they can work at Solyndra, and entrepreneurs can get financing so they can start a company. Although there was no new infusion of taxpayer money, the government worked with Solyndra and by February 2. Obama Administration had restructured the original loan to Solyndra, allowing outside investors to pour in another $7. Even so, by September 1, Solyndra had filed for bankruptcy and laid off its approximately 1,1.
Because the company collapsed, leaving taxpayers on the hook for perhaps half a billion dollars, the episode is not only an embarrassment politically, but also casts doubt on the government's ability to . However, more than incompetence is involved: Solyndra has become a scandal due to evidence that key Obama officials acted inappropriately and ignored warnings that could have shielded taxpayers. The press has reported that the company has had to restate earnings—and there is an increasing concern about the company because their auditors.. Many of us believe the company's cost structure will make it difficult for them to survive long term. The company is burning through capital at a rate of over $1. M per month from Q1- Q3 according to its own S- 1 filing—and over $2. This is a very large red flag.
That said, we clearly need to make sure that they are stable and solid. The result was that the government's (i. Before the restructuring, Assistant Treasury Secretary Mary Miller wrote to Jeffrey D. Zients, deputy OMB director, and warned him that the change might be illegal. She advised the DOE to consult with the Justice Department before continuing with the plan.
For example, Spinner wrote an email to an OMB staffer in August 2. What is he waiting for? Will we have it by the end of the day? Partisans also argue over the significance of George Kaiser, a major fundraiser for the Obama campaign whose firm, Argonaut Ventures, participated in the infusion of new money into Solyndra (and now stands ahead of taxpayers in the liquidation process). Kaiser visited the White House repeatedly in 2.
Solyndra, despite earlier White House denials that the topic had ever come up. However, even if the DOE program had always backed . When the government comes in and, in effect, co- signs on the loan, this doesn't remove investors' original doubts. Rather, it simply leaves the taxpayer on the hook should something go wrong, while private investors get to keep their gains if everything goes right. Consequently, when the government backstops a particular loan that would not otherwise have occurred, it draws scarce funds away from other projects that private investors originally preferred, all things considered. Unless we have some compelling reason to believe that politicians and their staffs are more careful with taxpayer dollars than private investors are with their own money, such loan guarantees will cause investment to be deployed into inferior uses.
In the eyes of these defenders of the DOE, the alleged . For one thing, the potential for abuse and corruption, especially in light of the Solyndra scandal, should be all too obvious.
If government officials have the ability to steer hundreds of millions of dollars into the coffers of specific companies, it is very naive to expect that science alone will guide the process. Furthermore, even if the bureaucrats knew which projects should receive more funding than the market alone would provide, how could they determine the appropriate dollar amount of the loan guarantee? Even if Secretary Chu et al. The company unraveled, in part, because the price of traditional silicon solar panels fell much more rapidly than most analysts had anticipated.
Under such an approach, the government—again relying on . Once the alleged market failure had been corrected, the standard profit and loss signals would perform their magic, just as they do in conventional sectors. If the specter of damages from carbon emissions really did mean that more investment should flow into solar panels, then the relatively higher tax placed on coal- burning power plants would automatically give solar an advantage. So long as the government had correctly quantified the . It would be just as superfluous and wasteful to have the federal government interfere with the loan market in this scenario as it would be in a world with no threat of climate change.
Even if the interventionist case for climate change were completely correct, it still would not make sense for the federal government to co- sign loans to particular companies.