Solar panel maker Solyndra today said that it will file for Chapter 11 bankruptcy protection, after failing to successfully compete against lower-cost Chinese manufacturers. It is one of largest failures ever suffered by venture capitalists, and a major black eye for a U.S. Department of Energy that loaned the company more than $500 million.
The company has not yet filed its bankruptcy papers, but did say in a press release that it plans to evaluate options that could include a sale of its business and licensing of its technology. It also said that 1,100 full-time and part-time employees will be laid off, effective immediately.
3 comments:
I just watched a thing on the news about this. The company owners say that the cause of it's collapes was harsh regulations and policies. But look around. Who has the money to purchase and install this new technology? This technology would have been better off to start small as an aside to another business and grow slowly as the demand increases. Now....like everything else propped up by the stimulus B/S...when the government money runs out, the house of cards collapses.
I feel better that this is GREEN unemployment. We should have another Cash for Clunker program.
$500 million dollars of taxpayer money. 1100 workers IMMEDIATELY gone. Related businesses also affected. This is just ONE (of many) businesses closing or downsizing. One (of many) lost to Chinese competition. I agree with 7:41 -- I don't know ANYONE who can afford solar technology, and I'm not poor. On a larger note, how's "hope and change" working out so far? I know--- if Bush hadn't caused that hurricane, things would be a lot better. Breaking news -- Bush is whipping up another hurricane (Katia). But if it misses the USA, thank obama. We have SO much to thank obama for...
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