Originally posted by Iamonlyhuman

Originally posted by Glinda
Will the Eric Holder Justice Department; or the Labor, or Commerce Departments or possibly Congress (I know...I crack myself up sometimes too...) Investigate just where oh where $535mil disappeared to in ONE year?

Negative cash flow to start, ok...so WHO initially invested (a possible Obot donor!?!) Got bailed out by the largesse of the US taxpayer for their risk in 'green energy?'

This stinks. Just because the cookie jar is 'eco friendly' doesn't mean that the hands in there shouldn't get smacked hard. On Thursday nigh, will Obama praise MORE green start ups that need (wink, wink) 'federal funding.'

ONE year? We do agree that the stimulus was horrible to do but don't make this any more nefarious than it is... LIVE: Solyndra Breaks Ground on New Plant, Details $535M DOE Project

Do a little research before you unleash your indignation... there are many, many examples just like this one to be indignant about. Nothing illegal here, just your Congress at work.

edit on 5/9/2011 by Iamonlyhuman because: (no reason given)

Solyndra, the secretive developer of copper indium gallium selenide (CIGS) solar cells, is trying to raise $350 million in an effort to get into mass production, but the deal is causing some in Silicon Valley to shiver.

The Fremont-based company, which raised $79 million in venture funds in 2007, wants the money to build a 420-megawatt solar plant, according to sources and documents reviewed by Greentech Media. Under the deal, Goldman Sachs, the lead bank on the deal, is trying to sell $120 million of convertible securities to existing investors and $230 million to newcomers. The convertible securities could be converted to Solyndra shares in the event of an IPO.

Assuming an IPO can be pulled off, the owners of the securities would get Solyndra stock at a discount of the IPO price. If Solyndra eventually sells shares at $10, for instance, investors holding the convertible securities would be able to get shares for $8 dollars. The exact discount isn’t specified in the document, but sources say Goldman is telling investors that they will get a discount of 20 percent.

Solyndra's problems have been well documented by my colleague Eric Wesoff and others on this site. (See these 2008 stories for more background.)The company makes an unusual solar cell that costs far more than traditional crystalline solar cells. Solyndra's average sale price is around $3.24 a watt and the company has been selling panels at a loss. Crystalline silicon solar panels sell for $1.95 or less a watt and companies can sell them for a profit. Although Solyndra can argue that its modules are cheaper to install, the modules only makes sense economically in a few corner-case scenarios. A private letter ruling from the IRS says that building owners can deduct the cost of a new roof in some circumstances when putting in a Solyndra system, but it only applies in some cases. Performance reviews weren't promising.

Why has Solyndra done so well in fundraising? Some of it has to do with circumstances. Solyndra actually applied for DOE loans back in 2006, when Bush was still President. When Obama announced that he wanted to rev the energy economy, Solyndra happened to be first in line. Investors were also intrigued by the novel tubular module. A tube, potentially, can harvest sun for more hours each day. The design, at a minimum, gave them some assurance that they weren't investing in a me-too panel. But, at each juncture, instead of pulling out and pulling the plug, investors doubled down.

What happens next? We know what the solar industry thinks. Solyndra will collapse is the general opinion. But it still has a single factory. In some long-shot scenario, something good could, maybe, one day, come out of this.