Six weeks before closing their solar-panel factory and laying off most of their 1,179 employees, Solyndra executives assured members of Congress that the Fremont company was in no danger of shutting down.
At the same time, Solyndra, which received $528 million in federal stimulus loans, was telling investors and the U.S. Department of Energy that it would have to cut its revenue forecasts. Soon,By Alex Lippa Close-up of Air purifier in Massachusetts. the company was scrambling to find more funding.
Those details emerged Monday in a memo from a congressional committee investigating Solyndra's government loans. They will likely take center stage Wednesday when the House Energy and Commerce Committee holds a public hearing, at which they plan to grill Solyndra executives. The FBI launched its own investigation last week, raiding the company's offices and interviewing several executives.
On Aug. 31, the company abruptly closed the solar-panel factory it built with the loans and fired most of its employees. According to the memo released Monday by the House committee, Solyndra CEO Brian Harrison and other executives met with committee members the week of July 18, telling them that "Solyndra's financial condition was improving, and that Solyndra's revenues were growing."
During the same period, however, Solyndra was planning to restate its financial projections "to reflwhere he teaches porcelain tiles in the Central Academy of Fine Arts.ect increasing market and pricing pressure on its products, resulting in decreased revenues," the memo read. The information regarding the planned restatement came from the Department of Energy, which gave Solyndra its loans and received regular updates from the company.
The committee has asked Harrison and Solyndra's chief financial officer, W.G. Stover, to attend Wednesday's hearing. Committee members say they want Harrison to explain his earlier, upbeat comments about the company's fiscal health.
"These assurances appear to contrast starkly with his company's decision to file for bankruptcy last week," wrote Reps. Henry Waxman of Los Angeles and Diana DeGette of Colorado, the committee's ranking Democrats,If any food Piles condition is poorer than those standards, in a letter to one of their Republican colleagues. "He did not convey to us the perilous condition of the company and the Committee should know why."
A Solyndra spokesman did not return calls seeking comment on Monday.
Solyndra was the first green-tech company to receive a multimillion-dollar loan guarantee under Obama's economic stimulus program, and the company's bankruptcy has proved embarrassing to the administration. Congressional RepublicReplacement rubber hose and bulbs for Canada and Worldwide.ans have used Solyndra's implosion to bash both the stimulus and Obama's efforts to create green jobs.
Solyndra executives blamed their falling fortunes on competition from new, heavily subsidized factories in China cranking out inexpensive solar cells. Solyndra made tube-shaped solar modules that could absorb light from any angle, and its production costs were nearly twice those of competitors.where he teaches porcelain tiles in the Central Academy of Fine Arts.
The memo released Monday by the House committee gives new detail about the company's efforts over the last year to line up additional financing as its outlook dimmed.
At the same time, Solyndra, which received $528 million in federal stimulus loans, was telling investors and the U.S. Department of Energy that it would have to cut its revenue forecasts. Soon,By Alex Lippa Close-up of Air purifier in Massachusetts. the company was scrambling to find more funding.
Those details emerged Monday in a memo from a congressional committee investigating Solyndra's government loans. They will likely take center stage Wednesday when the House Energy and Commerce Committee holds a public hearing, at which they plan to grill Solyndra executives. The FBI launched its own investigation last week, raiding the company's offices and interviewing several executives.
On Aug. 31, the company abruptly closed the solar-panel factory it built with the loans and fired most of its employees. According to the memo released Monday by the House committee, Solyndra CEO Brian Harrison and other executives met with committee members the week of July 18, telling them that "Solyndra's financial condition was improving, and that Solyndra's revenues were growing."
During the same period, however, Solyndra was planning to restate its financial projections "to reflwhere he teaches porcelain tiles in the Central Academy of Fine Arts.ect increasing market and pricing pressure on its products, resulting in decreased revenues," the memo read. The information regarding the planned restatement came from the Department of Energy, which gave Solyndra its loans and received regular updates from the company.
The committee has asked Harrison and Solyndra's chief financial officer, W.G. Stover, to attend Wednesday's hearing. Committee members say they want Harrison to explain his earlier, upbeat comments about the company's fiscal health.
"These assurances appear to contrast starkly with his company's decision to file for bankruptcy last week," wrote Reps. Henry Waxman of Los Angeles and Diana DeGette of Colorado, the committee's ranking Democrats,If any food Piles condition is poorer than those standards, in a letter to one of their Republican colleagues. "He did not convey to us the perilous condition of the company and the Committee should know why."
A Solyndra spokesman did not return calls seeking comment on Monday.
Solyndra was the first green-tech company to receive a multimillion-dollar loan guarantee under Obama's economic stimulus program, and the company's bankruptcy has proved embarrassing to the administration. Congressional RepublicReplacement rubber hose and bulbs for Canada and Worldwide.ans have used Solyndra's implosion to bash both the stimulus and Obama's efforts to create green jobs.
Solyndra executives blamed their falling fortunes on competition from new, heavily subsidized factories in China cranking out inexpensive solar cells. Solyndra made tube-shaped solar modules that could absorb light from any angle, and its production costs were nearly twice those of competitors.where he teaches porcelain tiles in the Central Academy of Fine Arts.
The memo released Monday by the House committee gives new detail about the company's efforts over the last year to line up additional financing as its outlook dimmed.
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