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.
When it came to the now-infamous Solyndra loan guarantee, the Treasury Department's input during the approval process appears to have been more of an afterthought than a real check against government waste, according to the agency's top watchdog.
Although the Department of Energy manages the loan program, it was required to consult with Treasury before finalizing any deal under the law that governs the specific loan that Solyndra was granted in early 2009.
The National Republican Congressional Committee is once again aiming to link Democratic lawmakers and candidates to the now-bankrupt Solyndra solar company, making the company a symbol of what it called the White House's failed energy policy.
In news releases going into the districts of dozens of Democrats today, the NRCC seeks to link the 2009 stimulus package to rising consumer gasoline prices.
Republicans may have found a way to slow the momentum of the front-runner in the Maine Senate race.
The GOP is criticizing the Maine wind energy firm co-founded by former Gov. Angus King, an independent who is now seeking his state's open Senate seat, for receiving funding from the same controversial Energy Department loan guarantee program that also funded the now-bankrupt Solyndra solar company.
For all the talk over possible "smoking guns" that might show some wrongdoing on the part of the Obama administration on Solyndra or another Department of Energy loan, one House Republican acknowledged yesterday that multiple GOP probes on the subject are in some ways a play for votes on Election Day. In an interview after as he left yet another hearing in which Energy Secretary Steven Chu testified about the controversial loan program for clean energy companies, Rep. Jim Jordan of Ohio said that -- smoking gun or not -- Republicans are finding value in drawing attention to the more controversial aspects of the loan guarantee 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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