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Former Green Tech Darling Solyndra Files for Bankruptcy
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Tyler Fagrey moves completed cylindrical solar panel at the plant in Fremont, Calif.
Stephanie Martin: Fremont solar manufacturer Solyndra just announced it's suspending operations and laying off 1,100 employees.
KQED's Peter Jon Shuler reports the former darling of the green tech movement is also filing for bankruptcy.
Peter Jon Shuler: Just last year, President Obama visited Solyndra's headquarters to highlight its cutting-edge solar energy technology.
Despite raising $1 billion in venture capital and receiving a $535 million federal loan guarantee to build a state-of-the-art production facility, the company says it couldn't ramp up fast enough to compete with the rapidly falling prices of conventional solar panels.
The company's unique technology -- using arrays of cylinders to capture solar energy -- still shows promise for the long term. The company says it will now review its options -- including the sale or licensing of its technology.
More Info
- Shifting Gears blog: Uh-oh, Solyndra
- Bad news from solar company: Solyndra to Close a Factory
- The President promotes Solyndra: Amid Focus On Spill, Obama Touts Alternative Energy
