Solyndra For Sale - NBC Bay Area

Solyndra For Sale

Solyndra, the onetime Fremont startup famous for a visit from President Barack Obama in May 2010, is now apparently for sale



    Solyndra For Sale
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    U.S. President Barack Obama heads inside to deliver a speech after meeting with construction workers building a new Solyndra solar panel factory May 26, 2010 in Fremont, California. President Obama toured Solyndra Inc., a growing solar power equipment facility that is adding jobs as they expand their operation.

    Buy high on solar power. That's what the stockholders of Solyndra -- the Fremont-based solar company which laid off its 1,100 workers last week when it shut down operations -- are hoping investors do, be they here or far.

    Investors from overseas, possibly China, are welcome to bid on Solyndra, which owed the federal government $527 million in loans, monies that the buyer will not have to repay, according to the Bay Citizen.

    Solyndra received its startup money thanks to the federal stimulus, and President Barack Obama made a very public appearance at the factory in May 2010  to tout its accomplishments and the green economy. But competition from overseas, where solar panels are made more cheaply, helped drive Solyndra into the ground.

    Solyndra's signature product was a unique, cylindrical solar panel, which works best when installed on a large, white roof, according to the Bay Citizen. The panel's tubular shape provided more surface area to capture solar energy and ergo generate more electricity than that of a traditional flat panel. The company also offered a 25-year warranty on the panels.

    But the panels were too expensive to produce: the company lost money on every sale, despite installing more than 1,000 panels on roofs in 20 countries, the Bay Citizen reported.