Solyndra, visited by Obama in May, halts plan to hire 1,000 workers

[Newsjock]

Source: Oakland Tribune

Solyndra, the high-flying solar panel maker, said Wednesday it has scuttled its factory expansion in Fremont, a move that will halt the company's plans to hire 1,000 new workers.

The factory retrenchment adds to what has already been a tough year for Solyndra.

The company's fortunes sparkled in September 2009, when President Barack Obama's administration announced $535 million in taxpayer loans to finance construction of a new solar-equipment factory.

In December 2009, the company filed for an initial public offering of its stock expected to raise $300 million. In May 2010, Obama toured the Solyndra facilities in Fremont.

... Solyndra also will, in the next several weeks, eliminate 155 to 175 jobs in Fremont. That includes 135 contract employees and 20 to 40 full-time workers, Miller said.

Read more: http://www.mercurynews.com/twitter/ci_16517413?source=rss

[Tansy_Gold]

1. This is too bad

but it illustrates how segments of an economy must be integrated. If there is no one to buy the product, the company cannot survive.


TG, NTY

[Telalim]

2. Oh well. It's only a five hundred million dollars.

I wonder what one needs to do in order for an under-capitalized startup firm to receive a $500 million dollar loan guarantee?

Perhaps have a billionaire investor who is a bundler for Obama...named George Kaiser.

Sure is good to get a $500 million dollar loan guarantee when PriceWaterhouse says there is doubts about Solyndra's ability to continue as a going concern.

And we wonder why we got creamed on Tuesday.

[provis99]

3. "fierce competition from rival manufacturers in China"

any of that green technology that Obama keeps blathering about, they can build cheaper in China.