It was considered the great hope of the solar industry and a poster child for the government’s efforts to remake the U.S. economy with clean-tech as a linchpin. Now, after about $1 billion invested by venture capitalists, Solyndra Inc. has gone bust. The Fremont, Calif., company, which received a $535 million federal loan guarantee in 2009 in addition to its massive venture capital support. They will lay off 1,100 full-time and temporary employees.
“Solyndra was a victim of the aggressive Chinese solar manufacturing pricing policies, which have hurt it, Evergreen, SpectraWatt and a number of other solar manufacturers,” wrote the DOE spokesman in an email to VentureWire.
Many people who are against nuclear power often cite the need for loan guarantees for nuclear plant construction as a risk and problem. Anti-nuclear people also brag about green jobs.
So it seems that the green jobs will exist but are going more to China.
It also looks like loan guarantees for energy companies can turn bad for any number of reasons but mostly bad business plans and competition.
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Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
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