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Solar company that received $535 million federal loan suspends operations, laying off 1,100

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Solar company that received $535 million federal loan suspends operations, laying off 1,100

Post by Guest on Wed Aug 31, 2011 11:11 pm

A California solar-panel manufacturer once touted by President Barack Obama as a beneficiary of his administration’s economic policies — as well as a half-billion-dollar federal loan — is laying off 1,100 workers and filing for bankruptcy.

Solyndra LLC of Fremont, Calif., had become the poster child for government investment in green technology. The president visited the company in May 2010 and noted that Solyndra expected to hire 1,000 workers to manufacture solar panels. Other state and federal officials such as former Gov. Arnold Schwarzenegger and Energy Secretary Steven Chu also visited the company’s facilities.http://www.washingtonpost.com/business/solar-company-that-received-535-million-federal-loan-suspends-operations-laying-off-1100/2011/08/31/gIQA5N5HsJ_story.html?tid=sm_twitter_washingtonpost

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