Obama's favorite green company calls it quits

RT

Despite support from President Obama, a solar-panel manufacturer in California is closing its doors and laying off more than a thousand employees, citing foreign competition as the impetus that has made domestic production no longer “scalable.”

Solyndra Inc. announced that they will be filing for bankruptcy and sending 1,100 employees home immediately from its Fremont, CA plant since it cannot afford continue to produce products that encourage clean energy. The green energy prevailers were in the spotlight last year after President Obama visited the Fremont plant and touted the company for their energy-efficient manufacturing.

With Obama’s encouragement, the US Energy Department put plans in motion last year for a $535 million loan guarantee for Solyndra, but GOP lawmakers fired back at the attempt, with Republican representatives going as far as to call Obama’s decision to support the company “a dubious investment.”

Now mere months later, the company says it must shut down as foreign competition is creating products with prices that they can't compete against.

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