Solyndra is a solar panel manufacturing company in California. One of the few remaining U.S. solar operations. As reported by the Oakland Tribune, "the company's fortunes sparkled in September 2009, when the Obama 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, Obama toured the Solyndra facilities in Fremont." He touted how he was visiting a facility that was, "actually doing extraordinary work of building up America." He also gave "credit to those in the back, who are building the facility so we can put more people back to work and build more solar panels." He follows on with, "It's here with companies like Solyndra are leading the way toward a brighter and more prosperous future... We need to build a foundation built on growth... Go back to making things...go back to exports. The engine will always be companies like Solyndra."
Grrrreeeeat. The problem here is that we can provide loans and grants (which BTW are very difficult to get) so that we can tout a "Green industry" that provides "jobs for our future," but we don't have economic policies and business policies that promote growth. My experience with one Massachusetts solar company is that the government loves to talk about green jobs and developing at-home technology manufacturing, but does very little about it.
Well, it was announced Wednesday that Solyndra (which dumped its IPO plans not long after Obama walked out their doors) is scrapping its expansion plans at that same Freemont facility (which was to provide 1,000 new jobs), is closing another U.S.-based factory, and laying off 250-350 workers.
Why? Because it can't compete with the manufacturers in China who can provide the same (or better) solar panels for substantially less cost.
So thanks for that.
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