Solyndra Falls After Acquiring Over $500 Million in Federal Loans

By:  Brian Koenig
09/01/2011
       
Solyndra Falls After Acquiring Over $500 Million in Federal Loans

After collecting $535 million in loan guarantees from the federal government, solar technology manufacturer Solyndra is shutting down its operations, as hundreds of employees were turned away Wednesday morning. Just last year, the Silicon Valley solar panel maker drew valiant praise from President Obama for being an "innovator" in solar technology, while the President touted the economic opportunity for thousands of "green" jobs.

Solyndra’s grievous acknowledgement resulted in immediate layoffs for 1,100 workers. "We are incredibly proud of our employees, and we would like to thank our investors, channel partners, customers and suppliers for the years of support that allowed us to bring our innovative technology to market," said Chief Executive Officer Brian Harrison. "This was an unexpected outcome and is most unfortunate."

After collecting $535 million in loan guarantees from the federal government, solar technology manufacturer Solyndra is shutting down its operations, as hundreds of employees were turned away Wednesday morning. Just last year, the Silicon Valley solar panel maker drew valiant praise from President Obama (photo: Obama during visit to Solyndra) for being an "innovator" in solar technology, while the President touted the economic opportunity for thousands of "green" jobs.

Solyndra’s grievous acknowledgement resulted in immediate layoffs for 1,100 workers. "We are incredibly proud of our employees, and we would like to thank our investors, channel partners, customers and suppliers for the years of support that allowed us to bring our innovative technology to market," said Chief Executive Officer Brian Harrison. "This was an unexpected outcome and is most unfortunate."

Early Wednesday morning a steady stream of workers grudgingly exited the company’s facility. "They are getting no severance," lamented Solyndra spokesman Dave Miller. "They are getting nothing."

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