Bay Area Solar Company Flaming Out?

Posted by Expert Gadget Reviewer on Monday, 5 April 2010

Bay Area solar panel manufacturer, Solyndra, recipient of a $535 Million U.S. Department of Energy loan, received a failing grade from its auditor PricewaterhouseCoopers LLP about its future prospects for survival. All of this taking place as Solyndra prepares for an upcoming IPO.

Courtesy of Google Earth

Having already raised $970 Million in equity financing (in addition to the US Department of Energy Loan), Solyndra reported a net loss for 2009 of $172.5 Million on $100.5 Million of revenue. In its report, PWC noted that recurring operating losses, negative cash flows, $532.3 million stockholder deficit and other factors "raise substantial doubt about...[Solyndra's] ability to continue as a going concern."

With highly visible facilities located off I-880 in Fremont, Solyndra was (and is) a bright hope for the East Bay's Clean / Green Tech future... Hopefully this is not a sign of things to come...