"Every day that you build this expanded facility," President Obama told employees of Solyndra at the company's solar panel plant in Fremont, Calif., last May, "you're demonstrating that the promise of clean energy isn't just an article of faith. Not anymore. ... It's happening right now. The future is here."
Well, it was here. Yesterday, Solyndra announced it was filing for bankruptcy, despite Obama's bold statement 15 months earlier that the company would create 4,000 new jobs -- 3,000 in construction and 1,000 in manufacturing. In September 2009, Solyndra had received the very first federal loan guarantee -- $535 million -- from a Department of Energy program partially funded by Obama's stimulus package. But questions quickly surfaced. A Pricewaterhouse Coopers audit of the firm, months after the award was announced, found it to be a black hole for cash. Solyndra's cumulative $558 million in "recurring losses from operations," PwC wrote, and "negative cash flows since inception ... raise substantial doubt about its ability to continue as a going concern."
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