DOE’s $535 million loan for cylindrical panels

The Department of Energy has announced the largest loan guarantee of it’s kind — $535 million dollars to the CA-based company Solyndra. The financial backing will allow Solyndra to step up production of their unique cylindrical solar panels.

In announcing the plan today, Sec. of Energy Steven Chu emphasized how the loan guarantee is part of the president’s plan to provide new jobs, reduce dependence on foreign oil, and move the nation toward a sustainable future of clean energy.

“We can create millions of new, good paying jobs that can’t be outsourced,” said Chu. “Instead of relying on imports from other countries to meet our energy needs, we’ll rely on America’s innovation, America’s resources, and America’s workers.”

Chu’s statement was part of a press release issued by the DOE today.

Solyndra only makes panels for large-scale industrial sites, so I guess I can’t order any for my Array. Still, it’s a fascinating idea, with solar cylinders capturing light from a several directions at once.

The video below, though dated, gives an idea of the principle.

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