Solyndra, a solar energy firm touted by US President Barack Obama as a poster child for the clean energy economy, filed for bankruptcy Wednesday, saying it was immediately suspending operations and laying off 1,100 workers, dpa reported. The company makes so-called thin-film solar modules, received over 1 billion dollars in venture capital and 535 million dollars in federal loan guarantees. But it said it was unable to compete with large scale Chinese manufacturers who were able to produce cheaper solar panels. "Despite strong growth in the first half of 2011 and traction in North America with a number of orders for very large commercial rooftops, Solyndra could not achieve full-scale operations rapidly enough to compete in the near term with the resources of larger foreign manufacturers," the company said in a statement. The company said it plans to file for Chapter 11 bankruptcy while it evaluates options, which include a sale and licensing of its technology. It did not say how much it owes its creditors. -- SPA
