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Politics : The Solyndra Scandal -- Ignore unavailable to you. Want to Upgrade?

To: Hope Praytochange who wrote (275)	12/21/2011 6:56:11 PM
From: joseffy	Read Replies (1) \| Respond to of 1400

Solar Millennium files for insolvency ......................................................................................... DOE flushes another $2.1B of green "investment" By George Avalos Oakland Tribune 12/21/2011 http://www.mercurynews.com/business/ci_19594896?source=rss Solar Millennium, which has its U.S. headquarters in downtown Oakland, filed for insolvency in a German court, the company said Wednesday. "The management board and the supervisory board deeply regret this development," Germany-based Solar Millennium said in a statement posted Wednesday on its website. "In its effort to save existing assets for the shareholders and the creditors, the company felt impelled to take this step." In May, Solar Millennium said it was awarded a $2.1 billion loan guarantee from the U.S. Department of Energy. The money would have been used to underpin the company's construction of a solar energy complex in the California desert community of Blythe, using its solar trough technology. But in August, it decided not to take the money because it switched from the cutting-edge technology that the loan guarantee was based on to a conventional solar photo voltaic system. "Solar Millennium responds quickly and pragmatically to market conditions, and at the moment the California market favors photo voltaic technology," CEO Christoph Wolff of Solar Millennium said in August. That decision came days before Fremont-based Solyndra -- which was also using unconventional solar technologies as the basis of its operations -- ceased operations, closed its doors and jettisoned 1,100 workers without notice. Since September, Solar Millennium has been busy trying to find a buyer for its pipeline of projects in the United States. It was negotiating with another Germany-based company, Solarhybrid. But those talks have yet to bear fruit. "Solar Millennium AG no longer believes that the transaction will be concluded before the end of the current year" Solar Millennium said in a prepared release. "Although Solar Millennium and Solarhybrid have reached a general understanding in terms of the substance and have signed significant agreements, certain conditions for the effectiveness of the agreements have not yet been met."