Solyndra had recently completed construction of a new solar equipment factory that was built and equipped with funds from the federal loan. The company had spent $527 million of the $535 million from the DOE grant.
"We had just installed the new tools," Miller said "We were starting to ramp up production."
Solyndra intends to file a Chapter 11 bankruptcy in a federal court in Delaware next week, said Dave Miller, a company spokesman.
"We will try to sell the company or reorganize its finances," Miller said.
Solyndra was founded in 2005 by Chris Gronet, a veteran of Applied Materials who earned his Ph.D. at Stanford University.
President Barack Obama touted Solyndra as a poster child for clean energy after the company received the federal funds.
That makes 2 "green energy"producers that have gone into bankruptcy this month.
Was the timing just bad for the new start-ups ? We had a Korean company back out of a deal to build a solar panel factory in the old Hynix building here too?