News Article
Solyndra Faces Senate Scrutiny
US Government encouraged to look into DOE loans and their usage
Solar module manufacturer Solyndra is to come under the scrutiny of a US oversight committee following concerns the company receives government funding only to close one of its facilities. The Energy and Commerce Committee's oversight and investigations subcommittee is to subpoena White House documents related to a $535 million federal loan guarantee for Fremont solar-panel maker Solyndra.
Solyndra used the funds to build its new manufacturing site and then closed the old one citing changing market conditions. It then cancelled a $300 million initial share offering raising concerns that the company did not need or qualify for the government loan. With Democrats and Repulicans fighting over the need, timing and even logic of the subpoena, Solyndra can expect to find itself in the middle of this particular political mine field.
