After having received a $535 million loan guarantee from the U.S. government, solar panel manufacturer Solyndra LLC filed for bankruptcy. The Fremont, California-based company has now been served with multiple search warrants by the FBI at its headquarters. The FBI is carrying out an investigation in collaboration with the Department of Energy’s Office of the Inspector General.
Solyndra was once hailed by President Barack Obama as a beneficiary of his administration’s investments in a green American economy. However, last week the company laid off 1,100 workers and filed for bankruptcy, which is odd considering the company posted 2,000 percent growth in sales revenue over the past three years. Along with the massive loan guarantee, Solyndra secured over $1 billion in private investment.