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Abound Solar Inc., a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will close its doors and file for bankruptcy because its panels were too expensive to compete with Chinese products, according to the U.S. Energy Department. Abound, based in Loveland, Colorado, borrowed about $70 million against the guarantee, the Energy Department said today in a statement. Calls to Abound executives weren’t returned today. The failure would follow [...] Ben Geman and Andrew Restuccia Several key White House offices were involved with the Obama administration’s messaging plans and other preparations as the collapse of the taxpayer-backed solar company Solyndra was imminent, newly released documents show. The latest White House documents delivered to House Republicans on Friday again highlight the extent to which senior administration officials braced for the fallout as Solyndra – a company President Obama had personally [...] By Ben Geman and Andrew Restuccia - 03/23/12 07:06 PM ET Several key White House offices were involved with the Obama administration’s messaging plans and other preparations as the collapse of the taxpayer-backed solar company Solyndra was imminent, newly released documents show. The latest White House documents delivered to House Republicans on Friday again highlight the extent to which senior administration officials braced for the fallout as Solyndra – a company President Obama [...] A heavily subsidized solar company received a U.S. taxpayer loan guarantee to sell solar panels to itself. First Solar is the company. The subsidy came from the Export-Import Bank, which President Obama and Harry Reid are currently fighting to extend and expand. The underlying issue is how Obama’s insistence on green-energy subsidies and export subsidies manifests itself as rank corporate welfare. Here’s the road of subsidies these solar panels followed from Perrysburg, [...] President Obama and his West Wing aides ignored a subpoena of documents pertaining to the Solyndra loan guarantee even after congressional investigators met with White House officials to negotiate the scope of the subpoena, according to the House Energy and Commerce Committee. “The White House’s failure to comply with today’s document deadline is a sad milestone on the path chosen by this administration to obstruct and delay our investigation rather than [...] In the latest setback for the solar energy industry, Auburn Hills-based Energy Conversion Devices said today that it has filed for Chapter 11 bankruptcy and intends to sell its assets, including its main subsidiary United Solar Ovonic.
“We firmly believe there is a strong and sustainable commercial market for Uni-Solar products,” Julian Hawkins, ECD’s CEO and president, said in a statement. “However our current capital structure and legacy costs are preventing USO [...] http://idealab.talkingpointsmemo.com…ref=fpnewsfeed The highest efficiency for a solar panel has been achieved by Alta Devices, the California-based solar company proudly announced on Monday. The efficiency rating of 23.5 percent, meaning that the panels are able to convert 23.5 percent of energy captured from the sun into electrical output, was verified by the National Renewable Energy Laboratory (NREL). “This is the highest solar panel efficiency yet achieved and demonstrates Alta’s progress toward its objective of [...] From Washington Times: Now seems an unlikely time for handing out bonuses at bankrupt Solyndra LLC, but that’s the plan of company attorneys intending to dole out up to a half-million dollars to persuade key employees to stay put. Nearly two dozen Solyndra employees could receive bonuses ranging from $10,000 to $50,000 each under a proposal filed by Solyndra’s attorneys in U.S. Bankruptcy Court in Delaware. The attorneys say the extra money will add motivation at a [...] SAT NOV 19, 2011 AT 09:00 AM PST By Carol D. Leonnig and Joe Stephens, Published: November 15 The announcement could have been politically damaging because President Obama and others in the administration had [...] http://idealab.talkingpointsmemo.com…ra-hearing.php Energy Secretary Steven Chu was on Wednesday subjected to over three hours of grilling from House lawmakers investigating the $535 million loan guarantee his agency granted to Solyndra, a solar company favored by the White House that went bankrupt in August. But throughout the hearing conducted by the House Energy and Commerce Committee’s Subcommittee on Oversight and Investigations, Chu maintained his calm and repeatedly rebuffed Republican suggestions that the Obama Administration [...] By Carol D. Leonnig, Tuesday, November 15, 10:46 AM The Obama administration urged officers of the struggling solar company Solyndra to postpone announcing planned layoffs until after the November 2010 midterm elections, newly released e-mails show. Solyndra, the now-shuttered California company, had been a poster child of President Obama’s initiative to invest in clean energies and received the administration’s first energy loan of $535 million. But a year ago, in October 2010, the solar panel manufacturer was [...] Republicans on the House Energy and Commerce Committee voted Thursday to subpoena the White House for all internal communications related to the failed solar company Solyndra. The subpoena escalates the ongoing battle between the White House and Republicans over a $535 million Energy Department loan guarantee to Solyndra, the California solar panel maker that filed for bankruptcy in early September, setting off a firestorm in [...] A Massachusetts company that received a $43 million Energy Department loan guarantee last year filed for bankruptcy Sunday, a step certain to fuel criticism of federal green energy financing in the wake of the solar company Solyndra’s collapse. Beacon Power Corp., which develops energy storage systems, filed for bankruptcy protection in the U.S. Bankruptcy Court in Delaware. Beacon Power had received a federal loan guarantee to help build an energy storage plant [...] WASHINGTON (AP) – Officials say the House Energy and Commerce Committee could meet as early as next week to vote on a subpoena demanding White House records relating to a federal loan guarantee that went to a now-defunct California solar company. The Republican-controlled panel asked last month for documents that might shed light on actions by White House officials in connection with the original loan guarantee to Solyndra as well as a [...] In an attempt to create a “solar scandal” that will be “even bigger than Solyndra,” Fox News is claiming that SunPower, which recently received a federal loan guarantee, is a “failing company” that is creating jobs “not in America, but in Mexico.” In fact, industry experts see SunPower as “a success story” and the loan guarantee supports the construction of a power plant in [...] Washington (CNN) – Congress isn’t getting a glimpse of what’s on President Barack Obama’s Blackberry – or any more internal White House communications related to the bankrupt solar company Solyndra, which received a $535 million loan guarantee from the federal government. House Republicans investigating the loan controversy had requested all internal White House documents about the issue. House Energy and Commerce subcommittee chair Rep. Cliff [...] by Neil W. McCabe A photovoltaic solar panel ranch similar to the California Solar Valley Ranch under construction by SunPower in the state’s San Luis Obispo County. The $1.2 billion loan guarantee to support the project was finalized in hours before the loan program expired Sept. 30. The company announced Aug. 5 that it will build the panels for the ranch at a new factory [...] From Washington Post: Energy Department officials were warned that their plan to help a failing solar company by restructuring its $535 million federal loan could violate the law and should be cleared with the Justice Department, according to newly obtained e-mails from within the Obama administration. The e-mails show that Energy Department officials moved ahead anyway with a new deal that would repay company investors before taxpayers if the [...] When Solyndra hit the fan in August, White House energy adviser Heather Zichal may have summed it up best. “*#~@ show,” Zichal wrote in an email Aug. 25. Zichal’s email is one of dozens showing Obama administration officials were planning on how to handle a Solyndra bankruptcy days before the solar company went under. On Aug. 17, Dan Utech, an energy special assistant in the White House, wrote [...] An elite Obama fundraiser hired to help oversee the administration’s energy loan program pushed and prodded career Department of Energy officials to move faster in approving a loan guarantee for Solyndra, even as his wife’s law firm was representing the California solar company, according to internal emails made public late Friday. “How hard is this? What is he waiting for?” wrote Steven J. Spinner, a high-tech [...] GOP Solyndra probe wants Obama’s BlackBerry messages By: Darren Samuelsohn October 6, 2011 04:06 PM EDT The GOP’s demand for all White House communications on Solyndra covers President Barack Obama’s personal BlackBerry messages too, Rep. Cliff Stearns said Thursday. The Florida Republican said he made the precedent-setting request to White House Counsel Kathryn Ruemmler on Wednesday after newly released emails showed that warning flags about the California [...] Energy Secretary Steven Chu acknowledged Thursday making the final decision to allow a struggling solar company to continue receiving taxpayer money after it had technically defaulted on a $535 million federal loan guaranteed by his agency. Chu spokesman Damien LaVera said in a statement that the secretary approved the restructuring agreement for Solyndra because it gave the company “the best possible chance to succeed in [...] From Washington Post: Energy Secretary Steven Chu acknowledged Thursday making the final decision to allow a struggling solar company to continue receiving taxpayer money after it had technically defaulted on a $535 million federal loan guaranteed by his agency. Chu spokesman Damien LaVera said in a statement that the secretary approved the restructuring agreement for Solyndra because it gave the company “the best possible chance to succeed in [...] Image: AP An already contentious debate over funding the government past September 30 intensified Thursday as Republicans amended their bill to be more amenable to GOP lawmakers and Democrats pledged to oppose it. In what is at latest government shutdown threat this year, without action by the start of the new fiscal year, all but the most essential government services will cease on October 1 until a [...] From NJ: The Obama administration is in a race against the clock to close by month’s end more than a dozen renewable-energy loan guarantees totaling $9 billion. Of that, just over $3 billion would come directly from the federal government’s coffers. The administration now has two weeks to finalize the process amid an escalating political battle over a federally backed solar company spiraling into bankruptcy and facing [...] The Obama White House tried to rush federal reviewers for a decision on a nearly half-billion-dollar loan to the solar-panel manufacturer Solyndra so Vice President Biden could announce the approval at a September 2009 groundbreaking for the company’s factory, newly obtained e-mails show. The Silicon Valley company, a centerpiece in President Obama’s initiative to develop clean energy technologies, had been tentatively approved for the loan [...] video platformvideo managementvideo solutionsvideo player Newly uncovered emails show the White House closely monitored the Energy Department’s deliberations over a $535 million government loan to Solyndra, the politically-connected solar energy firm that recently went bankrupt and is now the subject of a criminal investigation. The company’s solar panel factory was heralded as a centerpiece of the president’s green energy plan — billed as a way to jump start a promising new industry. [...] |
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