Many of the problems that forced solar company Solyndra to shutter operations threaten other businesses in the sun-power industry, with more upheaval likely in the coming months, analysts say.
The bankruptcy last month of Fremont, Calif.-based Solyndra comes as solar manufacturing undergoes a major transition. Prices of solar panels have plummeted, causing a supply glut and slicing company revenues.
Solyndra's collapse marked the third time in as many weeks that a solar company declared bankruptcy. Evergreen Solar Inc. of Massachusetts and SpectraWatt of New York also filed for protection.
"It coincides with the fact that the industry is in trouble," said Ken Zweibel, director of the Solar Institute at George Washington University. "There is a crisis in the solar manufacturing world there's no question about it. With three companies declaring bankruptcy in three weeks, there's no question that they're all under pressure."
Solyndra's bankruptcy also comes as Congress battles over spending and the best way to create jobs. Solyndra had received $527 million in federal loans authorized by a program in the 2009 stimulus act. Many in the GOP say that President Obama's bid to create "green jobs" has been a failure. That could make it hard for solar to fight for any new federal help.
States like California are adding new incentives, however, which the industry hopes will keep it healthy.
The solar industry's trade group, meanwhile, has urged people not to see Solyndra's bankruptcy as a sign of trouble for the sector.
"What we are seeing in solar happens in every industry that is maturing and growing more competitive," said Rhone Resch, president and CEO of the Solar Energy Industries Association. "You're going to see winners emerge who find innovative ways to offer consumers the most competitively priced products."
Solyndra had some unique problems, analysts said, that helped accelerate its demise. The company made a unique product: cylindrical solar tubes equipped with copper indium gallium diselenide thin-film technology.
The cylinders could "capture sunlight across a 360-degree photovoltaic surface," Solyndra said on its website. Designed for commercial rooftops, the product offered "the fastest and easiest installation, a non-penetrating mounting system, and superior wind, snow and soiling performance," Solyndra said.
But the tubes also had limited uses, analysts say.
"It was a specialty product that could be used in certain applications, that would be very attractive for those applications, but wouldn't be generally useful for large fields or even [all] rooftops," Zweibel said. "They have misunderstood the marketplace."
That made Solyndra different. But it also had something in common with other solar manufacturers. The Chinese government is investing in solar production, which has led to a burst in production that has boosted supplies and forced down product prices worldwide.
The price of panels has tumbled more than 40 percent in a year, Zweibel said, a drop that followed price declines in 2009.
Analysts believe companies beyond Solyndra will face tough financial decisions.
"There's a lot of turmoil in the solar industry," said Joshua Linn, a fellow at Resources for the Future, "a lot of new companies starting and a lot of companies going out of business around the world. There's going to be a lot of uncertainty."
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