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Wednesday, September 28, 2011

Failed Solyndra bought into Obama’s green jobs nonsense, built product no one wants

We all have to pay for their misplaced faith, just like we’re paying for the foolish voters ballots with higher prices, higher unemployment and lower home values, and…

They actually believed in Obama’s promises of ‘hope and change’ and ‘green energy’ and ‘green energy jobs’ and the oceans falling, and the air purifying itself, and the world loving us, the nation coming together, and…

SOLYNDRA's $733M plant had robots, spa-showers...

By Alison Vekshin and Mark Chediak - Sep 28, 2011 12:27 PM
Solyndra’s $733M Plant Had Robots, Spa Showers

Solar panels sit at Solyndra Inc. at their manufacturing plant in Fremont, California. Photographer: Tony Avelar/Bloomberg

Solyndra’s ‘Taj Mahal’ Factory Raised Eyebrows As Sales Wane
Solyndra’s ‘Taj Mahal’ Factory Raised Eyebrows As Sales Wane

“That’s a lot of money that went into that factory and I just don’t get how that factory is going to make this company successful,” said Barry Cinnamon, chief executive officer at Westinghouse Solar, a Solyndra LLC competitor. “It’s one of those neck-snapping things every time you drove down the highway." Photo: David Paul Morris/Bloomberg

“That’s a lot of money that went into that factory and I just don’t get how that factory is going to make this company successful,” said Barry Cinnamon, chief executive officer at Westinghouse Solar, a Solyndra LLC competitor. “It’s one of those neck-snapping things every time you drove down the highway." Photo: David Paul Morris/Bloomberg

The glass-and-metal building that Solyndra LLC began erecting alongside Interstate 880 in Fremont,California, in September 2009 was something the Silicon Valley area hadn’t seen in years: a new factory.

It wasn’t just any factory. When it was completed at an estimated cost of $733 million, including proceeds from a $535 million U.S. loan guarantee, it covered 300,000 square feet, the equivalent of five football fields. It had robots that whistled Disney tunes, spa-like showers with liquid-crystal displays of the water temperature, and glass-walled conference rooms.

“The new building is like the Taj Mahal,” John Pierce, 54, a San Jose resident who worked as a facilities manager at Solyndra, said in an interview.

The building, designed to make far more solar panels than Solyndra got orders for, is now shuttered, and U.S. taxpayers may be stuck with it. Solyndra filed for bankruptcy protectionon Sept. 6, leaving in its wake investigations by Congress and the Federal Bureau of Investigation and a Republican-fueled political embarrassment for the Obama administration, which issued the loan guarantee. About 1,100 workers lost their jobs.

Amid the still-unfolding postmortems, the factory stands as emblematic of money misspent and the Field of Dreams ethos that seemed to drive the venture, said Ramesh Misra, a solar-industry analyst in Los Angeles for Brigantine Advisors.


REPORT: Violated Terms of Fed Loan...

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