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Lawmakers Probe Solar Energy Company

Solyndra, Inc. got federal loan guarantees

Washington, DC
Wednesday, September 14, 2011

The House Energy and Commerce Committee met today to discuss the Department of Energy’s loan guarantee to Solyndra Inc., a solar panel manufacturer that recieved a $535 million government loan but recently laid off 1,100 workers and filed for bankruptcy. 

President Obama is facing a stream of criticism from both Democrats and the GOP about Solyndra. Obama visited the company's California facility last year. The Committee is reviewing the e-mails exhanged between government officials and Solyndra.

A criminal investigation is currently underway into whether Solyndra misled the government about its financial situation in order to receive a refinancing loan earlier this year. 

According to Solyndra's website, the company "intends to file a petition for relief under Chapter 11."  "Solyndra could not achieve full-scale operations rapidly enough to compete in the near term with the resources of larger foreign manufacturers."

Updated: Thursday, September 22, 2011 at 9:36pm (ET)

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