Solar Company That Got Federal Loan Shuts Down
WASHINGTON (AP) -- A California solar-panel manufacturer that received a $535 million loan from the federal government has announced layoffs of 1,100 workers and plans to file for bankruptcy.
Solyndra LLC, based in Fremont, Calif., announced that global economic conditions have forced the company to suspend its manufacturing operations.
President Barack Obama toured the company's facilities last year to highlight the economic benefits of the solar industry, but the price for solar panels has tanked in the past year, largely because of heavy competition from Chinese firms.
House Republicans have criticized the federal loan. The House Energy and Commerce Committee voted in July to subpoena White House documents related to the approval.