Solyndra Declares Bankruptcy
Solyndra, a solar power tech company partially backed by the DOE and visited by President Obama two years ago, has announced that it has filed bankruptcy. It cancelled its public stock option earlier this year and laid off 1,000 workers. A combination of competition from Chinese companies, ability to only be used on industrial flat roofs and failure to "raise incremental company" probably contributed to the loss.
It's sad to see green energy companies fail, (it is the third major solar company to do so,) but then adopting the changeover to alternate power sources has historically been slow.
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Posted by Sheila Franklin at September 5, 2011 11:59 AM