Wednesday, August 31, 2011

Solyndra To File For Bankruptcy, Cuts 1100

Fremont-based Solyndra, the high flying developer of solar power technology, said Wednesday that it itends to file for Chapter 11 Bankruptcy, and has cut 1100 employees. The firm said it "could not achieve full-scale operations rapidly enough" to compete with foreign manufacturers, and that it was impacted by a "global oversupply" of solar panels. Solyndra had been backed by Argonaut Ventures, CMEA Ventures, Madrone Partners, Redpoint Ventures, Rockport Capital Partners, and U.S. Venture Partners.