FREMONT, Calif. -- President Obama visited a solar company today that is building a manufacturing plant here with cash from the federal stimulus to tout the value of renewable energy technologies as a spur to the economy.

Solyndra Inc. is using $535 million in federal cash to build the plant, which will make thin-film solar panels. The company says the facility will make 210 megawatts' worth of panels a year, using materials from 22 states.

Obama said his stimulus package has the economy growing again but cautioned that it would take time to wear down California's 12.3 percent unemployment rate, which is well above the 9.9 percent national average.

"It took years to dig our way into this hole," Obama said. "We're not going to dig our way out overnight."

Solyndra executives gave Obama a tour of an adjacent manufacturing facility before his speech. Obama also met with Gov. Arnold Schwarzenegger (R) and discussed advanced battery technology. One of the stated goals of the $797 billion stimulus is to expand U.S. advanced battery manufacturing capacity from 2 percent to 40 percent of global production by 2015.

As evidence of a U.S. manufacturing sector's comeback, Obama cited Toyota Motor Corp. and Tesla Motors Inc.'s plans to reopen the New United Motor Manufacturing Inc. (NUMMI) auto plant here that Toyota and General Motors Co. closed last month.

Investing in technology "has the potential to propel our economy for years, for decades to come," Obama said. "There's no better example than energy. We've been talking about it for decades; our dependence on foreign oil endangers our security and our economy."

Climate change and the massive Gulf of Mexico spill caused by the explosion of a deepwater-drilling rig last month underscore the need for further investment, he said.

"Part of what's happening in the Gulf is, oil companies are drilling a mile underwater before they hit ground and a mile after that until they hit oil," he said. "It gives you a sense of where we're going. We're not going to be able to sustain this." Obama also vowed support for comprehensive energy and climate legislation.

At the same time, competition from foreign companies in China and Germany provides another incentive to invest.

"Nobody is playing for second place," he said. "These countries realize the country that leads the clean energy economy is likely to lead the global economy."