Aaron Glantz

Solyndra Leftovers on the Auction Block


Aaron Glantz/The Bay Citizen
Solyndra's campus in Fremont

Care to buy a Solyndra T-shirt or tote bag, a Craftsman Tool Chest or a piece of advanced hydraulic machinery? What about a crate of unsold, copper-based cylindrical solar panels produced by the most famous company to go bust in the alternative energy industry?

Tuesday could be your lucky day.

The online auction house Heritage Global Partners will be putting most of Solyndra's "non-core assets" up for sale starting at 7 a.m. Tuesday, with bidding running until 8 a.m. the following day. More than 1,100 different groups of items will be for sale.

The Fremont-based solar panel manufacturer, which declared bankruptcy in September despite having received a $528 million federal loan, had initially looked for a so-called "turnkey buyer" to take over and try to turn the company around.

But no serious buyers emerged for the firm, which President Barack Obama once parised as “a testament to American ingenuity and dynamism," so the company petitioned a bankruptcy court in Delaware to permit its assets to be auctioned off piecemeal.

Among the items up for bid: 248 crates holding more than 3,400 unsold solar panels, which the company said should be able to generate 618 kilowatts of electricity. (The auction house stresses the panels will not come with a warranty.)

Other items range from custom-built advanced industrial machinery to lab workstations, desk chairs and Dell laptop computers, 145 of which are among the items up for bid. There are also power tools, microscopes and framed photos of the now-shuttered factory.

In an interview, Heritage Global Partners spokesman David Barkoff declined to speculate how much money could be raised by the auction, which is the second of three planned by the auction house.

However much is raised, it seems unlikely that taxpayers will be able to recover much of their $528 million investment. Under an agreement reached by Solyndra and the Department of Energy, the first $75 million recovered through bankruptcy will go to Solyndra's private investors.

According to Bloomberg News, the first auction, held Nov. 2 and Nov. 3, raised $6.2 million, just over 1 percent of the loan amount.

Aaron Glantz
Aaron Glantz covers housing, real estate, development, and veterans issues for The Bay Citizen. Before joining TBC, Glantz spent seven years covering the war in Iraq and the treatment veterans receive when they come home. ... View Profile
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