Tech company headed by former CEO of bankrupt Solyndra to receive $6.6 billion from Biden admin

Taiwan Semiconductor Manufacturing Co. president is the former CEO of Solyndra, the green energy company that went bankrupt in 2011 after receiving $500 million in loans during the Obama administration.

Published: April 9, 2024 12:17pm

A semiconductor company whose president was head of the now-bankrupt Solyndra solar energy company stands to receive $6.6 billion in funding from the Biden administration.

Under a preliminary agreement, according to CNBC, a subsidiary of Taiwan Semiconductor Manufacturing Co. (TSMC) in Arizona will receive the funding under the U.S. CHIPS and Science Act.

The company’s president is Brian Harrison.

The Washington Free Beacon reported that Harrison was CEO of Solyndra, which in the early 2000s was involved in the manufacturing of solar panels and considered at the forefront of the sustainable energy industry. 

In 2009, the Obama administration co-signed $535 million loans to Solyndra, which filed for bankruptcy about two years later. 

“Thanks to this investment, TSMC will also build a third chip factory in Phoenix, increasing its total investment in Arizona to $65 billion and creating over 25,000 direct construction and manufacturing jobs, along with thousands of indirect jobs,” President Joe Biden said in a statement Monday.

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