solyndra

Solyndra may be bankrupt, but that doesn't mean its California facility is out of commission. Disk-drive maker Seagate is making an offer for the property, the San Jose Mercury News reports.

Seagate has offered $90.3 million to buy the sprawling Solyndra solar-panel factory in Fremont, Calif., the Merc reports. That price is about 70 percent below the $300 million it cost to construct the plant, according to bankruptcy court records cited by the newspaper.

The Obama Administration, via the Energy Department, essentially underwrote the formation of Solyndra with a $535 million loan guarantee.

If Seagate's offer succeed, … Read more

U.S. government-backed battery supplier Ener1 has filed for Chapter 11 bankruptcy, the third U.S.-backed energy company to file in as many months.

Ener1 posted a notice today stating that it "has reached agreement with its primary investors and lenders on a restructuring plan that will significantly reduce its debt." This action will pave the way for up to $81 million for recapitalization, the company said.

A "pre-packaged" Chapter 11 case was filed in U.S. Bankruptcy Court in the Southern District of New York. Ener1 is planning to complete the restructuring process within … Read more

Apple earnings reach record highs, Xbox rumors ramp up, and Obama tackles energy and tech industry concerns in his State of the Union address.

Links from Wednesday's episode of Loaded:

Despite the spectacular collapse of solar panel maker Solyndra, which declared bankruptcy after receiving more than half a billion dollars from the Obama administration, President Obama said this evening that he doesn't want to give up on government-backed alternative energy projects.

The president used the opportunity of his State of the Union address to say it's time to "double down" on the concept but pointedly avoided mentioning Solyndra by name.

"The payoffs on these public investments don't always come right away," Obama said. "Some technologies don't pan out--some companies fail. But … Read more

Steven Chu defended today his decision to approve a large loan guarantee to now-bankrupt solar company Solyndra as Republican investigators pressed the energy secretary on whether politics played any role.

Chu appeared today before the Republican-led House Subcommittee on Oversight and Investigations to explain his role in Solyndra, the failed solar company that received a $535 million loan guarantee from the Department of Energy.

Republicans Cliff Stearns and Joe Barton implied that decisions regarding Solyndra's loans were done as political favors to Obama supporters. They also stated that a loan restructuring earlier this year was illegal because it put … Read more

A House of Representatives committee investigating failed solar company Solyndra released documents today indicating that the Energy Department sought to delay the announcement of the company's financial troubles until after the November 2010 election.

Energy Secretary Steven Chu is scheduled to testify tomorrow to the House Commerce and Energy Committee's Subcommittee on Oversight and Investigations Staff.

In preparation for Chu's appearance with investigators, the Republican-led subcommittee today released a history (click for PDF) of how Solyndra received a $535 million loan guarantee to build a factory but ran into financial troubles and eventually shut down and declared … Read more

The bankruptcies of Solyndra and now Beacon Power show that green-technology startups are still struggling to find ways to cross the dreaded "Valley of Death" into mass commercialization.

Flywheel storage company Beacon Power filed for bankruptcy protection Sunday after running out of options to raise money and fund operations. "The current economic and political climate, the financing terms mandated by DOE, and Beacon's recent delisting notice from Nasdaq have together severely restricted Beacon's access to additional investments through the equity markets," CEO William Capp said in bankruptcy papers, according to reports.

There are significant … Read more

U.S. solar manufacturers today asked the Obama administration to slap duties of more than 100 percent on imports from China that they said were unfairly undercutting U.S. prices and destroying American jobs.

"Let us be clear, China has a plan for our market--to gut it and own it," said Gordon Brinser, president of SolarWorld Industries Americas at a news conference.

Trade relations with China have become a hot issue ahead of the 2012 U.S. presidential and congressional elections. The Senate last week passed a bill aimed at Beijing's currency practices, although the bill faces … Read more

As dark clouds form over solar in Washington, a handful of U.S. states are taking the lead in a global economic race to develop green technologies.

General Electric last week announced plans to invest $600 million to build a solar panel factory in Aurora, Colo., based on thin-film technology originally developed at nearby National Renewable Energy Laboratories.

The move comes amid ongoing political fighting in Washington, D.C., over the failure of bankrupt solar company Solyndra, which had received a $535 million federal loan guarantee to build a factory.

With the Solyndra debacle hanging over renewable energy, it's … Read more