# Solyndra: Manufacturing suspended; most workers dismissed

Solyndra, Inc. (later 360 Degree Solar Holdings, Inc.); operating subsidiary Solyndra LLC · United States · Solar manufacturing

Evidence reviewed Oct 26, 2026. Historical event record.

Solyndra suspended manufacturing and dismissed most of its workforce in August 2011, then filed for Chapter 11 protection in September. The solar manufacturer had previously reached a billion-dollar private post-money benchmark.

## Historical private valuation

$1.5bn · Aug 2009

Gornall and Strebulaev’s NBER Working Paper 23895, Table 7, lists Solyndra’s August 2009 financing at $1.5 billion post-money. The table separately estimates fair value; that is not the benchmark used here.

[William Gornall and Ilya A. Strebulaev / NBER](https://www.nber.org/system/files/working_papers/w23895/w23895.pdf)

## Documented event

Manufacturing suspended; most workers dismissed · Aug 31, 2011

No transaction price shown. The chief financial officer’s sworn first-day declaration, paragraph 28, states that Solyndra suspended manufacturing and terminated most of its workforce on August 31, 2011. Key employees remained to explore restructuring options.

[Solyndra / U.S. Bankruptcy Court filing (hosted by San Francisco Business Times)](https://media.bizj.us/view/archive/sanfrancisco/pdf/Solyndra-affidavit.pdf)

## What changed

The financing benchmark comes from original research using venture financing terms, rather than capital raised or the government loan guarantee. Its reported post-money value differs from the researchers’ estimated fair value. The manufacturing closure preceded bankruptcy; a small team remained to explore restructuring and asset-sale options.

## Timeline

### Aug 2009 — Private financing benchmark recorded

The original research table identifies the financing month and post-money measure used in this case.

[William Gornall and Ilya A. Strebulaev / NBER](https://www.nber.org/system/files/working_papers/w23895/w23895.pdf)

### Aug 31, 2011 — Manufacturing suspended

The CFO attributed the suspension and termination of most employees to failure of expected bridge financing.

[Solyndra / U.S. Bankruptcy Court filing (hosted by San Francisco Business Times)](https://media.bizj.us/view/archive/sanfrancisco/pdf/Solyndra-affidavit.pdf)

### Sep 6, 2011 — Chapter 11 petition filed

The CFO’s declaration records September 6 as the petition date for the company and its parent.

[Solyndra / U.S. Bankruptcy Court filing (hosted by San Francisco Business Times)](https://media.bizj.us/view/archive/sanfrancisco/pdf/Solyndra-affidavit.pdf)

## Disclosed investors

Historical funding participation; not current ownership or investor losses.

- Argonaut Ventures — [Solyndra / U.S. Bankruptcy Court filing (hosted by San Francisco Business Times)](https://media.bizj.us/view/archive/sanfrancisco/pdf/Solyndra-affidavit.pdf)

- Madrone Partners — [Solyndra / U.S. Bankruptcy Court filing (hosted by San Francisco Business Times)](https://media.bizj.us/view/archive/sanfrancisco/pdf/Solyndra-affidavit.pdf)

- USVP Venture Partners — [Solyndra / U.S. Bankruptcy Court filing (hosted by San Francisco Business Times)](https://media.bizj.us/view/archive/sanfrancisco/pdf/Solyndra-affidavit.pdf)

- Rockport Capital Partners — [Solyndra / U.S. Bankruptcy Court filing (hosted by San Francisco Business Times)](https://media.bizj.us/view/archive/sanfrancisco/pdf/Solyndra-affidavit.pdf)

## Sources

- [Squaring Venture Capital Valuations with Reality, NBER Working Paper 23895, Table 7](https://www.nber.org/system/files/working_papers/w23895/w23895.pdf) — William Gornall and Ilya A. Strebulaev / NBER; published Oct 2017; accessed Oct 26, 2026; primary source.

- [Declaration of W.G. Stover, Jr., CFO, in support of first day motions](https://media.bizj.us/view/archive/sanfrancisco/pdf/Solyndra-affidavit.pdf) — Solyndra / U.S. Bankruptcy Court filing (hosted by San Francisco Business Times); published Sep 2011; accessed Oct 26, 2026; primary source.

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