Solyndra was a manufacturer of solar panels based on copper, indium, gallium and selenium (CIGS). It was established in 2005 and went bankrupt on September 1, 2011 due to the high cost and low demand of their products at the time.
It received a loan guarantee of $535 million from the U.S. Department of Energy under then-President Barack Obama, to be used for the construction of a solar-panel plant. They were the first to make use of the liberal economic stimulus program implemented at the wake of the 2008 recession. A 2014 report by the Department of Energy said that they lost $528 million from Solyndra.
That same month, Senate Democrats voted down a House resolution to fund the government by cutting the Obama administration's solar-subsidy program.
- ↑ 1.0 1.1 Hull, Dana. The man behind Solyndra’s rise and fall: Chris Gronet. The Mercury News. November 26, 2011.
- ↑ White, Ronald. Solar panel firm Solyndra to cease operations. Los Angeles Times. September 1, 2011.
- ↑ Groom, Nichola. Exclusive: Controversial U.S. energy loan program has wiped out losses. Reuters. November 13, 2014.
- ↑ McElhatton, Jim. California Democratic Party among Solyndra's creditors. The Washington Times. September 25, 2011.
- ↑ Review & Outlook: The Solyndra Senators. Wall Street Journal. September 24, 2011.