Fremont, Calif.-based Solyndra is the other solar photovoltaic company to get a large loan guaranteed by the Department of Energy. With the $535 million loan, the company built a second production facility that is a highly automated process for making solar collectors using thin films coated onto glass tubes. The panels are designed for installation on flat commercial rooftops.
In the face of intense price competition from silicon solar panels, Solyndra had to close down its first manufacturing plant. The company also scratched its plans to go public and raise money that way, saying that market conditions were not good. Instead, it raised additional equity from existing venture capitalists and private equity investors.
December 22, 2010 4:00 AM PST
Photo by: Solyndra
| Caption by: Martin LaMonica
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