Federal agents executed a search warrant at the Northern California headquarters of solar panel manufacturer Solyndra Inc., which laid off most of its workers and filed for bankruptcy protection this week despite receiving $535 million in federal stimulus loan guarantees, the Los Angeles Times reports.
The FBI and Department of Energy’s Office of Inspector General confirmed that their agents were involved in the raid Thursday at Solyndra’s offices in Fremont but declined to discuss what they were investigating. FBI spokesman Peter D. Lee said documents related to the search had been sealed.
Last week, Solyndra abruptly announced that it was ceasing operations and laying off 1,100 employees, a move the company attributed to intense foreign competition and a “global oversupply of solar panels.” The company filed for bankruptcy Tuesday.
Solyndra was the first company to receive a Department of Energy loan guarantee to boost alternative energy companies. The program received additional funding under 2009’s federal economic stimulus effort.
Solyndra spokesman Dave Miller said the federal raid came as a surprise but that the company was “fully cooperating” with investigators. He said he did not know what the federal agents were looking for but speculated it could be related to the $535-million loan guarantee, of which the company drew $527 million.
A skeleton team of about 100 employees is still working at the factory during a “wind-down” process, Miller said.
You might like:
- 3D Systems Expanding In Tennessee
- Amazon Adding Two New Fulfillment Facilities In California
- Business Report: Illinois Leaders Form Non-Profit to Spur Job Creation
- Industry Focus: Aerospace Sector Is Flying High Again
- Kansas City Launches “Smart City” Initiative
- Data Cowboys
- Leading FDI Experts Analyze Global Trends At LiveXchange
- Michigan Hot Dog Maker To Expand, Hire 140 Workers
- Last Chance
- Chicago Celebrates Technology Startup Hub Expansion, 700 New Tech Jobs
- Mitsubishi Heavy Industries HQ Moving To Texas
- State Focus: New York – Accelerating Biotech Innovation In The Empire State
- SIG SAUER Moving Ammunition Manufacturing To Arkansas
- Shopping Bag Manufacturer Creating 100 Jobs In Georgia
- Automotive Parts Supplier Expanding In Indiana
- Salesforce To Grow Regional HQ, Add 800 Jobs In Indiana
- Advanced Manufacturing Industry: Dynamic Advancements
- SATA Group Building New Plant In Texas