Solyndra Solar Company Folds Under Foreign Pressure
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| codepinkphoenix via Flickr |
Solyndra, a Fremont-based solar module manufacturer, closed its doors this morning, filed for bankruptcy, and promptly laid off about 1,100 employees.
After only six years since its inception, the company faced steep challenges from cheaper Chinese flat-solar panels that saturated the market and shut down operations despite its $1 billion in private funds, and $535 million from the Department of Energy's Loan Guarantee program.
Those funds helped Solyndra expand its tube-shaped solar technology, which was touted alongside an easier and more cost-effective solar installation method. But silicon prices dropped, other competitors began making rival products, and investors who had bet on Solyndra's promise found themselves let down.
"Global economic and solar industry market conditions have forced the company to suspend its manufacturing operations," Solyndra said in a statement. "Solyndra could not achieve full-scale operations rapidly enough to compete in the near term with the resources of larger foreign manufacturers."
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