Fremont's Solyndra, Solar Tech Firm, Suspends Operations, Filing Bankruptcy

Statement from the company:

Solyndra Suspends Operations to Evaluate Reorganization Options FREMONT, Calif., August 31, 2011 - Solyndra LLC, the American manufacturer of innovative cylindrical solar systems for commercial rooftops today announced that global economic and solar industry market conditions have forced the Company to suspend its manufacturing operations. Solyndra intends to file a petition for relief under Chapter 11 of the U.S. Bankruptcy Code while it evaluates options, including a sale of the business and licensing of its advanced CIGS technology and manufacturing expertise. As a result of the suspension of operations approximately 1,100 full-time and temporary employees are being laid off effective immediately. Despite strong growth in the first half of 2011 and traction in North America with a number of orders for very large commercial rooftops, Solyndra could not achieve full-scale operations rapidly enough to compete in the near term with the resources of larger foreign manufacturers.

This competitive challenge was exacerbated by a global oversupply of solar panels and a severe compression of prices that in part resulted from uncertainty in governmental incentive programs in Europe and the decline in credit markets that finance solar systems. "We are incredibly proud of our employees, and we would like to thank our investors, channel partners, customers and suppliers, for the years of
support that allowed us to bring our innovative technology to market.

Distributed rooftop solar power makes sense, and our customers clearly recognize the advantages of Solyndra systems," said Solyndra's president and CEO, Brian Harrison. "Regulatory and policy uncertainties in recent months created significant near-term excess supply and price erosion. Raising incremental capital in this environment was not possible. This was an unexpected outcome and is most unfortunate." Customers who have implemented Solyndra solutions can be assured that their systems will generate economical, clean, solar power for decades.

  • sandra mitchell

    china sucks and i will never buy anything that is made from that country as well as as many people that has found out about china taking over the solar industry. we need to stay in our country, and protect our imployed

    • Sam

      Come on, we should thank China. They are bringing down the price of solar and forcing America and other countries to seriously innovate and invest in solar. Over time, this will be good for the whole world. Look at another scenario. If the chinese were not offering intense competition in solar right now, companies like Solyndra will continue to survive. Solyndra is pandering a poor technology that could never solve the worlds energy crisis. We need intense competition so that Americans will wake up and really invent some technology that could change the game and offer the world a clean, renewable source of energy. Not to mention, we need to work harder, stop complaining about wages and stop being a bunch of whiny brats. You can't not buy from china. How are you gonna get an iphone? or Nike? or a bicycle? China is the worlds manufacturing floor.