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.
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...
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...
