Inside the Solyndra Solar Scandal
Incorporated in 2005, Solyndra was a California company that manufactured CIGS thin-film solar cells. The company was praised for its unusual technology but plummeting silicon prices led to the company's being unable to compete with conventional solar panels and it filed for bankruptcy on September 1, 2011.
Solyndra received a $536 million U.S. Energy Department loan guarantee, the first recipient of a loan guarantee under President Obama's economic stimulus program, the American Recovery and Reinvestment Act of 2009. Solyndra also received a $25.1 million tax break from California's Alternative Energy and Advanced Transportation Financing Authority.
Following the bankruptcy, the government was expected to recoup $27 million under the Solyndra restructuring plan, but no money was ever recovered.