Just weeks after opening the first phase of a new fabrication plant, called Fab-2, Solyndra said it was shuttering an older and less-efficient facility, Fab-1. Mostly built with a $535 million loan-guarantee from the Department of Energy, the thin-film solar panel maker is counting on the new plant to help it to reduce fixed costs and improve operating margins.Headquartered in Fremont, Calif., the privately-held company manufactures cylindrical modules, incorporating copper indium gallium diselenide (CIGS) thin-film technology, for the commercial rooftop market.
With average selling prices falling faster than it can cut expenses, Chief executive Brian Harrison said the company would adjust “plans to be more in line with where the market is and where business was at the moment.”
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Editor David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.
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