Early signs that Solyndra was in financial distress appeared when the company canceled plans go public, soon after President Obama visited its headquarters in May 2010. In this July 2010 story, Greenwire explores Solyndra's decision.
SAN FRANCISCO -- A Bay Area solar manufacturer's abrupt retreat last month from an initial public stock offering has analysts questioning President Obama's use of the company as a showcase for federal investments in renewable energy. Solyndra Inc. enjoyed a national spotlight when Obama visited the company's Fremont headquarters in May to herald it as an example of the federal stimulus at work. But the reality is Solyndra has been hemorrhaging cash and decided last month to pull back from an initial public offering (IPO) in favor of raising another $175 million from private investors.
Click through some of the documents that tell Solyndra’s story.
Solyndra, a solar manufacturer that was given a $535 million loan guarantee and touted by the White House as a model for the clean energy economy, has filed for bankruptcy. E&E examines how it got there and what it means.
More subpoenas are on the way as the House Energy and Commerce Committee prepares to mark the one-year anniversary of its investigation into the bankrupt solar energy company Solyndra on Friday.
The panel's chairman, Rep. Fred Upton (R-Mich.), and his lead investigator, Rep. Cliff Stearns (R-Fla.), announced this afternoon that a business meeting would be held Friday to authorize issuing subpoenas to five White House staffers.
The top Republican on the Senate Energy and Natural Resources Committee continued her quest today for a committee probe of the Energy Department's troubled loan guarantee program.
Sen. Lisa Murkowski (R-Alaska) repeated her request for an oversight hearing on the loan program. She is also requesting that Energy Secretary Steven Chu testify at the meeting.
President Obama didn't request any new loan authority for the Department of Energy's troubled clean energy loan guarantee program in the fiscal 2013 budget request he sent to Congress yesterday -- and the only new funding he is seeking for the effort is $38 million to cover ongoing administrative expenses. But Republicans on Capitol Hill said yesterday that they were skeptical of putting any additional dollars toward a program that has become synonymous with the failed Solyndra solar energy company.
The reform blueprint released today after an independent, White House-sought review of the Energy Department's loan program -- and given unique political weight by the Solyndra bankruptcy -- will get a public airing in the Senate that could end in legislative changes, according to the leader of its energy panel.
Senate Energy and Natural Resources Chairman Jeff Bingaman (D-N.M.) said today that while he is reluctant to start a fresh top-to-bottom inquiry into the loans' effectiveness, he would host DOE loan program reviewer Herb Allison for a hearing next month. Bingaman also would not rule out considering legislative changes to the program.
| Chronicling Solyndra’s growth and implosion | |
| Date | Event |
| December 2006 | Solyndra Inc. submits pre-application for DOE loan guarantee. |
| May 2008 | Solyndra submits full application for loan guarantee. DOE begins due diligence. |
| September 2009 | DOE formally issues $535 million loan guarantee to Solyndra. |
| December 2009 | Solyndra files SEC documents to go public. |
| May 2010 | Obama tours Solyndra's Fremont, Calif., headquarters and speaks about renewables' role in economic recovery. |
| June 2010 | Solyndra abandons plan for IPO and opts to raise more cash from private investors. |
| February 2011 | Solyndra receives a $75 million lifeline from investors. DOE becomes a subordinate creditor on the loan. |
| June 2011 | Solyndra lobbies for California bill that would help a small group of local panel makers win state contracts. |
| August 2011 | Solyndra declares bankruptcy. |
| September 2011 | Federal investigation and congressional probe of Solyndra begin. Class-action lawsuits on behalf of more than 1,000 laid-off employees are filed. |
| Last updated September 16, 2011. | |
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