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Solar Company Folds After $0.5B In Subsidies
First time accepted submitter dusanv writes "Solyndra, a Silicon Valley solar energy firm, subsidized to the tune of $500 million and held as a 'gleaming example of green technology,' announced bankruptcy yesterday. 1,100 employees fired."
So, I live (literally) around the corner from one of Solyndra's offices. And one thing I noticed is that, no matter when I left for work in the morning, drove out to the grocery store, or took the kids on a Sunday walk to the park, Solyndra's parking lot was always full and the lights were on in every laboratory.
At first, I was fairly intimidated. I was new to the Valley, and wondered if this was the pace I would be expected to keep for my employer. After a few months, though, I realized that Solyndra was the exception, not the norm, and not even the more hardcore start-ups in my field matched the hours their employees put in.
As I watched their work pattern, I wondered at the office culture that would lead to such employee behavior, as well as the pay and benefits that had to be backing it up. I could never shake the uneasy impression that Solyndra was vigorously burning the candle at both ends, with potentially disastrous consequences in store.
Steady as she goes, I guess. Even in Silicon Valley.
>> Standing on head makes smile of frown, but rest of face also upside down.
ABC News did a story on May 24th, which discusses how the Obama Administration "bypassed procedural steps meant to protect taxpayers as it hurried to approve an energy loan guarantee to a politically-connected California solar power startup", and how the loan "benefited a company whose prime financial backers include Oklahoma oil billionaire George Kaiser, a "bundler" of campaign donations. Kaiser raised at least $50,000 for the president's 2008 election effort."
It's too bad that Good Thoughts won't help these companies out.
They don't need 'Good Thoughts', they need a viable business plan.
Of course that's not actually possible with 'green technology' because very little of it makes any financial sense.
What do you mean, they had an awesome business plan. Talk big, attract the interest of the government who offers to guarantee your loans, max out that new credit line and transfer the funds to your board, executives, and "supplier" cronies.
On a more serious note, it seems to me that with an emerging technology like this it would make more sense for the government to put in steady orders rather than directly subsidize the company. If $500 million of guaranteed orders over a couple of years aren't enough to keep them stable and/or growing, then not much is. Plus, that would at least leave the government with the useful (if probably overpriced) products at the end, rather than having nothing (well, they may have a share of whatever equity is left in the company after creditors are paid off - which I somehow think will be very little, see baseless accusations above).
It's sad that posts like this, that *dare* to question the mantra that solar are wind are going to SAVE THE WORLD!!!, are inevitably modded flamebait and troll. This is supposed to be a place where smart people engage in reasoned debate. Most often, it's more like a place where immature jackoffs engage in /. groupthink and petty sniping of anyone who dares question the consensus.
SJW: Someone who has run out of real oppression, and has to fake it.
You mean pollutes /differenly/. Every type of energy we've found produces some environmental impact (pollution). Whether it's waterwheels chewing up trout and salmon or solar panels made with highly poisonous chemicals -- killing the environment is kind of how we play the game.
It sucks, but that's why I'm pro nuclear -- at least Chyrnobyl teaches us that the radiation zones those leave behind are good for the environment.
-GiH