Fremont solar panel maker Solyndra scales back expansion plans
Solyndra Inc., the high-flying solar panel maker once touted by President Barack Obama as a model for a green energy future, said Wednesday it has scuttled its factory expansion in Fremont, a move that will stop the company's plans to hire 1,000 workers.
Solyndra said it will also close an existing factory in the East Bay. That will leave the company with one Fremont factory, a new plant visible from Interstate 880.
The moves mean that instead of having 2,000 workers in Fremont, Solyndra will cap its work force at 1,000, which is about the current level. Solyndra also will, over the next several weeks, eliminate 155 to 175 jobs in Fremont. That includes 135 contract employees and 20 to 40 full-time workers, said David Miller, a Solyndra spokesman.
The company seeks to slash production costs amid fierce competition from rival manufacturers in China and the United States.
"Solar has become incredibly competitive," Miller said.
The factory retrenchment adds to what has already been a tough year for Solyndra.
"Solyndra is facing the heat," said Shyam Mehta, an analyst with GTM Research, which tracks alternative-energy markets. "Many higher-cost solar manufacturers are doing well. It's alarming for Solyndra to be cutting back when others are expanding."
The company's fortunes sparkled in September 2009, when the Obama administration announced $535 million in taxpayer loans to finance construction of a new solar-equipment factory.
In December 2009, the company filed for an initial public offering of its stock expected to raise $300 million. In May, Obama toured the Solyndra facilities in Fremont.
The company's fortunes dimmed soon after. In June, Solyndra canceled its IPO, and the following month its chief executive officer, Chris Gronet, quit. Brian Harrison, a former Intel executive, took over as CEO.
"The company's problems raise questions about the federal government's wisdom in giving $535 million to a company with an unproven technology," Mehta said.
http://www.insidebayarea.com/ci_16517629?IADID
Another perfect example of the failure of the green jobs initiatives. Libtards love to promote how green jobs are the future and the government has to invest in them.
Solyndra Inc., the high-flying solar panel maker once touted by President Barack Obama as a model for a green energy future, said Wednesday it has scuttled its factory expansion in Fremont, a move that will stop the company's plans to hire 1,000 workers.
Solyndra said it will also close an existing factory in the East Bay. That will leave the company with one Fremont factory, a new plant visible from Interstate 880.
The moves mean that instead of having 2,000 workers in Fremont, Solyndra will cap its work force at 1,000, which is about the current level. Solyndra also will, over the next several weeks, eliminate 155 to 175 jobs in Fremont. That includes 135 contract employees and 20 to 40 full-time workers, said David Miller, a Solyndra spokesman.
The company seeks to slash production costs amid fierce competition from rival manufacturers in China and the United States.
"Solar has become incredibly competitive," Miller said.
The factory retrenchment adds to what has already been a tough year for Solyndra.
"Solyndra is facing the heat," said Shyam Mehta, an analyst with GTM Research, which tracks alternative-energy markets. "Many higher-cost solar manufacturers are doing well. It's alarming for Solyndra to be cutting back when others are expanding."
The company's fortunes sparkled in September 2009, when the Obama administration announced $535 million in taxpayer loans to finance construction of a new solar-equipment factory.
In December 2009, the company filed for an initial public offering of its stock expected to raise $300 million. In May, Obama toured the Solyndra facilities in Fremont.
The company's fortunes dimmed soon after. In June, Solyndra canceled its IPO, and the following month its chief executive officer, Chris Gronet, quit. Brian Harrison, a former Intel executive, took over as CEO.
"The company's problems raise questions about the federal government's wisdom in giving $535 million to a company with an unproven technology," Mehta said.
http://www.insidebayarea.com/ci_16517629?IADID
Another perfect example of the failure of the green jobs initiatives. Libtards love to promote how green jobs are the future and the government has to invest in them.
