SAN JOSE, CALIF. - Solyndra Inc., a manufacturer of cylindrical solar photovoltaic (PV) systems for commercial rooftops, has named Brian Harrison as president and CEO.
He will also be appointed to the board. Most recently, Harrison was president and CEO of flash chip maker Numonyx B.V. He left when Numonyx was recently acquired by Micron Technology Inc.
Chris Gronet, Solyndra’s founder and current CEO, will continue to serve the company in an executive capacity and as chairman.
Solyndra (Fremont, Calif.) has recently experienced a setback. Last month, the company announced that it has submitted a request with the Securities and Exchange Commission to withdraw its registration statement on Form S-1, which was originally filed with the Securities and Exchange Commission on December 18, 2009.
|Solyndra's Brian Harrison
The company elected not to proceed with an initial public offering of shares of its common stock at this time due to adverse market conditions and the availability of alternative funding from existing investors.
On Sept. 2009, The company applied for a second loan guarantee from the DOE, in the amount of approximately $469 million, to partially fund the phase II of its production line in Fremont.
The company ''commenced commercial shipments of our photovoltaic systems in July 2008 and have increased our sales volume and revenue every quarter since that date. We sold 17.2 megawatts, or MW, of panels in the nine months ended October 3, 2009, compared to 1.6 MW for the fiscal year ended January 3, 2009,'' according to a recent filing.
''For the nine months ended October 3, 2009, our revenue was $58.8 million, compared to $6.0 million for the fiscal year ended January 3, 2009. It also posted a loss of $119.761 million for the first nine months of last year.