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."

Comments

Burned Out Solar

[IorDMUX]

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.

ABC story from the time of the loan

[John Bresnahan]

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."

Re:The apologists are already coming out

[elrous0]

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.