Solyndra Inc., a maker of solar modules that received a $535 million loan guarantee from the U.S. Energy Department, suspended operations and plans to file for bankruptcy, saying it couldn’t compete with larger rivals.
The closely held company will seek Chapter 11 protection, Fremont, California-based Solyndra said [Wednesday] in a statement. It didn’t say how much it owes to creditors.
Down near the bottom:
Solyndra’s backers include Argonaut Private Equity, GKFF Investment, CMEA Ventures, Redpoint Ventures, Rockport Capital Partners LLC, US Venture Partners, Virgin Green Fund, and Artis Capital Management LP, according to the company’s December 2009 IPO filing.
The first two are controlled by George Kaiser. You’d think a Tulsan would know better than to trust something weather-dependent.