FBI raids solar firm Solyndra
FBI agents executed a search of the Fremont offices for Solyndra, a California solar energy company that recently declared bankruptcy after receiving a $535 million dollar loan guarantee
September 8, 2011 — FBI agents executed a search of the Fremont offices for Solyndra, a California solar energy company that recently declared bankruptcy after receiving a $535 million dollar loan guarantee. The search was a combined operation with the Department of Energy according to FBI spokesperson Peter Lee.
Specific reasons for the execution of the search warrants were not disclosed.
(Click here for our previous coverage of Solyndra's bankruptcy declaration)
The company declared bankruptcy Aug. 31, 2011, putting a note on the news section of their website that states:
"Solyndra LLC, the American manufacturer of innovative cylindrical solar systems for commercial rooftops today announced that global economic and solar industry market conditions have forced the company to suspend its manufacturing operations. Solyndra intends to file a petition for relief under Chapter 11 of the U.S. Bankruptcy Code while it evaluates options, including a sale of the business and licensing of its advanced CIGS technology and manufacturing expertise. As a result of the suspension of operations approximately 1,100 full-time and temporary employees are being laid off effective immediately."
"Despite strong growth in the first half of 2011 and traction in North America with a number of orders for very large commercial rooftops, Solyndra could not achieve full-scale operations rapidly enough to compete in the near term with the resources of larger foreign manufacturers. This competitive challenge was exacerbated by a global oversupply of solar panels and a severe compression of prices that in part resulted from uncertainty in governmental incentive programs in Europe and the decline in credit markets that finance solar systems," according to Solyndra.