What is solyndra scandal? Solyndra is a corporation that manufactures cylindrical panels of copper indium gallium selenide thin film solar cells. What it does is it can be used as a component to generate and supply electricity/energy for the commercial and residential environment. Solyndra manufacturer’s solar panels is capable on large, low slope commercial rooftops, which in other words, it’s not suitable for residential use. The modules they created are designed to last for or over 25 years because of the kind of material they used. They used the material “copper indum gallium selenide”, which is also called CIGS, to prevent any possibilities of cell degradation due to moisture. The company was founded in 2005 by Dr. Christian Gronet, but is shut down 6 years later, in 2011.
On August 31st 2011, Solyndra has announced shutting down the corporation and stopping all operation and manufacturing process, making 1,100 employees being laid off. The company notified to their employees that the company was losing money and they must shut down the corporation. However, in March 2009, the Energy Secretary, Steven Chu has announced a $535 million conditional loan guarantee to Solyndra. Even with the loan, the corporation itself is already in trouble. Later on the years, DOE has learned that Solyndra has difficulty making the loan payment, therefore, violating the “federal loan deal”. In the beginning of 2011, family funds that is connected to Obama fundraising bundler, George Kaiser, has provide another $75 million more in financing. However, even with the the large amount of money that they loan, Solyndra has still shut down. In August 2011, the company has filed for bankruptcy.
References:
http://www.solyndra.com/technology-products/
http://www.washingtonpost.com/wp-srv/special/politics/solyndra-scandal-timeline/#document/p1/
http://www.washingtonpost.com/blogs/the-fix/post/solyndra–explained/2012/06/01/gJQAig2g6U_blog.html