04 Jun '12, 12am

Finally Some Truth: Bush admin pushed Solyndra loan guarantee for two years

May 2005: Just as a global silicon shortage begins driving up prices of solar photovoltaics, Solyndra is founded to provide a cost-competitive alternative to silicon-based panels. July 2005: The Bush administration signs the Energy Policy Act of 2005 into law, creating the 1703 loan guarantee program. February 2006 – October 2006: In February, Solyndra raises its first round of venture financing , worth $10.6 million from CMEA Capital, Redpoint Ventures, and U.S. Venture Partners. In October, Argonaut Venture Capital, an investment arm of George Kaiser, invests $17 million into Solyndra. Madrone Capital Partners, an investment arm of the Walton family, invests $7 million. Those investments are part of a $78.2 million fund. December 2006 : Solyndra applies for a loan guarantee under the 1703 program. Late 2007: Loan guarantee program is funded. Solyndra was one of 16 clean-...

Full article: http://grist.org/solar-power/2011-09-13-bush-admin-pushed...

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