Edit Draft Another Popular Name Emerges In The Solyndra Scandal

Solyndra Offered $535 Million Loan Guarantee by the U.S. Department of Energy

Fremont, CA, March 20, 2009 – Solyndra, Inc. announced today that it is the first company to receive an offer for a U.S. Department of Energy (DOE) loan guarantee under Title XVII of the Energy Policy Act of 2005. Solyndra, a Fremont, California-based manufacturer of innovative cylindrical photovoltaic systems, will use the proceeds of a $535 million loan from the U.S. Treasury’s Federal Financing Bank to expand its solar panel manufacturing capacity in California.


“The leadership and actions of President Barack Obama, Energy Secretary Steven Chu and the U.S. Congress were instrumental in concluding this offer for a loan guarantee,” said Solyndra CEO and founder, Dr. Chris Gronet. “The DOE Loan Guarantee Program funding will enable Solyndra to achieve the economies of scale needed to deliver solar electricity at prices that are competitive with utility rates. This expansion is really about creating new jobs while meaningfully impacting global warming.”

Designed specifically for commercial, industrial and institutional rooftops, Solyndra’s proprietary photovoltaic (PV) systems generate significantly more solar electricity per rooftop at a lower installed cost than conventional flat panel PV technologies. Further, Solyndra’s PV systems are fast and economical to install due to the simple horizontal mounting and unique air-flow properties of the solar panels. Solyndra’s panels are fully certified for U.S. and international use and have been commercially shipping since July 2008.

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