SAN FRANCISCO -- Disk drive giant Seagate said late Thursday (Aug. 23) it will buy the huge Solyndra solar-panel plant in Fremont, Calif., for $90.3 million, according to published reports.
The 412,000-foot facility, a symbol of high-flying technology ambitions come to earth, will sell for 70 percent below the $300
million cost of construction of the building, according to a report on Mercurynews.com.
The U.S. Energy Department backed the development in its $535 million loan guarantee to Solyndra.
The facility, which President Obama visited in February 2010, sits on 30 acres next to Interstate 880 in Fremont on the eastern side of the Silicon Valley. Seagate is headquartered in Cupertino on the western edge of the valley.
Seagate spokesman Brian Ziel told the Mercury News there will be a 45-day due-diligence period and "if and when the purchase is complete, we will provide our plans for use of the building."
But the other part even more important on the bigger issue of the whole PV industry in US is that the chinese outsubsidised their PV manufacturers more than we did. this is the over reaching weight around the neck of the PV industry.
The problem with solindra is there efficiency sucked, the deployment mounting sucked and did not deliver as promissed in terms of output and the rich backers got bailout money from the government same problem demospends or republcants give to rich and recover the blunder from the middle clsss via taxes.
This kind of setbacks will can not be afford by the Green Initiatives, it is a very sad closing of one of the good initiative, may be Seagate can strengthen the motive instead of completely destroying it.
I am happy to see a company growing in the US! I hope that the money from the purchase comes back to the taxpayers! I wonder how many other failed US backed enterprises will be sold for pennies on the US tax dollar?