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September 9, 2009 > Fremont based Solyndra receives $535 million federal loan guarantee

Fremont based Solyndra receives $535 million federal loan guarantee

In a press conference held on Friday, September 4, local, regional, state and national officials gathered to announce a massive $535 million federal loan guarantee to Solyndra, Inc. This is part of the Administration's plan for over $30 billion in Department of Energy loan guarantees through the Recovery Act.

Fremont Mayor Bob Wasserman introduced Energy Secretary Steven Chu who was present for the announcement and groundbreaking ceremonies of a new Solyndra fabrication facility. Solyndra CEO Dr. Chris Gronet greeted the dignitaries and introduced U.S. Vice President Joseph Biden (via videoconference) who stated, "...the Recovery Act is working and you're going to see it work right on that site." He added that this is an effort toward "a new, clean energy future."

The Vice President went on to state: "The loan to Solyndra will allow you to build a new manufacturing facility and with it almost immediately generate 3,000 new well-paying construction jobs. And once your facility opens, there will be about 1,000 permanent new jobs here at Solyndra and in the surrounding business community and hundreds more to install your growing output of solar panels throughout the country."

Secretary Chu noted the presence of state and federal representatives and noted the accomplishments of Solyndra stating, "Compared to traditional solar panels, Solyndra's innovative thin-film systems produce more energy for less money and less hassle." He continued that there are $2 billion of pending solar orders and Solyndra will help fill them with products made by American workers."

California Governor Arnold Schwarzenegger spoke about the need to protect the environment while offering similar protection to the economy. Although many have told him that doing both simultaneously was not possible, he noted that the Solyndra expansion "is a perfect example where we can combine both." He continued, "So today you see a perfect example right here how you can protect jobs, create jobs and stimulate the economy and also protect the environment at the same time." He adapted one of his famous tag lines saying, "hasta la vista to global warming."

The governor also spoke about pending legislation - AB 1111 - designed to provide a tax incentive for new, clean technology manufactures to locate in California. He continued that the State of California is adopting policies to lead the nation and the world. "We are passing laws, setting standards and our businesses and entrepreneurs are rising to the challenge. And it's not just about our famous California sun but it's because we have adopted policies that have driven demand for solar and other renewable technologies."

Solyndra CEO Chris Gronet concluded the ceremonies stating that, "...while the economy needs clean tech to help it recover, our planet needs clean tech in order to survive. Today is a triumph for all those who believe it is not too late to save our planet from the perils of global warming." He continued that Solyndra's plan is "to cover the 15 billion square meters of flat rooftops in the world with our unique cylindrical modules. This will generate 1000 gigawatts, or enough power for 1/3 of all U.S. commercial buildings."

Gronet pledged, "We will make a difference -- one solar cell at a time, one tube at a time, one module at a time, one panel at a time, one megawatt installation at a time, one gigawatt factory at a time. We believe what we do here today will someday change our world for the better for generations to come."

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