Closer Look: Solyndra Shutdown Being Felt Beyond Solar Industry
FREMONT (CBS 5) – The bankruptcy filing by Solyndra may be just be the beginning of the fallout following the company’s demise. Smaller Bay Area businesses have felt the ripple effect the former solar giant set off when it closed down its operation in the last week.
Just like the 1,1000 Solyndra employees that have been laid off, local companies like Advantage Metal Products are experiencing financial pain.
Advantage Metal owners Phil and Mike Segundo told CBS 5 they are owed thousands of dollars for specially designed and engineered products they have already made and shipped to Solyndra.
“We had pushed in the last quarter to get their shipments out on their final production line assembly products to get them into 100 percent go motion to produce their solar panels,” said Mike Segundo, President of Advantage Metal. “I am still in shock. (After) all of the work we have done over the past couple of years with them, we didn’t have any notice whatsoever.”
Segundo said that Advantage Metal has a diversified clientele that includes Homeland Security and big box retail. The company has no plans to lay off any of its nearly 65 employees, but it could face eating the cost of Solyndra’s unpaid bill.
The money that Solyndra owes Advantage Metal might seem trivial compared to the $535 million Solyndra received from the federal government, but the co-owners still want to know what happened to all the cash.
“Where did it go? I don’t have any of it. I wish I did. It would definitely help at this point. I think that there are a lot of other companies like myself that are actually in the same boat, and not to mention the employees of Solyndra too,” said Phil Segundo. “It is very frustrating to say the least.”
Advantage Metal said it has not been contacted by the FBI in conjunction with their on-going investigation. Both Segundos also said they have no idea if and when their company will be paid by Solyndra.
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