Solyndra was the great green hope for the U.S. renewable energy industry. What happened to one of the most well-funded startups and who will be the next great hope?
From $1 billion in investments, $527 million in federal Energy Department-approved loans, visits from President Obama and Gov. Schwarzenneger and great expectations of green jobs…
…to bankruptcy, closure and the loss of more than 1,000 jobs… in the span of six years!
Why did Solyndra, the biggest player among U.S. solar panel makers fail?
The answer depends on who you ask.
Competitors say it was faulty design choices and bad bets on solar panel innovation.
Energy analysts say it was avoiding the use of silicon, which was expensive when Solyndra began manufacturing, but cheap enough for the entire market by the time it closed its doors.
The Energy Department is saying what U.S. energy experts have been saying about China’s renewable energy efforts for more than a year. The Chinese government has been able to pump a multitude more of investments its solar companies. It doesn’t help that they are also capable of ramping up manufacturing at the turn of a hat.
Solyndra says… it just couldn’t compete with China.
Who will step up as the next champion of solar in the U.S.?
That’s hard to say given that Solyndra wasn’t the only solar panel manufacturer to fail in the past year. The combined factors above have made life and operations tough for other solar companies as well. For more, check out the New York Time’s assessment of the bankruptcy of Solyndra.
And, find out why some think the failure of Solyndra may not be such a bad thing.
Fast Company: Why It’s Not A Bad Thing For Solar Power That Solyndra Went Bankrupt
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