Solyndra Gets $535 Million Loan Guarantee
The Obama administration's commitment to clean energy in the stimulus plan is starting to pay off -- literally. When Steven Chu was appointed Energy Secretary, he committed to providing loans to clean energy companies to help the industry and to help create jobs. Last week, the Department of Energy provided solar startup company Solyndra with a $535 million loan guarantee to partially fund construction of a new manufacturing plant in California. The construction project will create about 3,000 construction jobs and over 1,000 jobs once the factory is operating.
Solyndra's photovoltaic system utilizes panels of tube-shaped solar cells that can absorb sunlight along the entire 360 degree surface. The Solyndra system is targeted towards flat/low-sloped commercial rooftops. The company estimates that there is approximately 30 billion square feet of commercial rooftops in the United States that could utilize their PV system. Because of the tube-shaped solar cells, the Solyndra panels can be flat mounted and installed closely together, thus maximizing the amount of rooftop space used.