Solar firm Solyndra LLC is accusing three Chinese solar panel manufacturers of driving it into bankruptcy through a scheme to monopolize the solar panel industry, in an antitrust suit filed in the U.S. District Court for the Northern District of California.
Solyndra attempted to revolutionize rooftop solar energy collection with a cylindrical panel designed to make solar energy more affordable and accessible. However, last year Solyndra, along with several other green energy companies that received government funding, filed for bankruptcy.
Solyndra’s complaint in Solyndra LLC v. Suntech Power Holdings Co. et al. alleges Solyndra’s bankruptcy was caused by a monopolization scheme engineered by China’s Suntech Power Holdings Company LTD., Trina Solar Limited and Yingli Green Energy Holding Company Limited, and their American subsidiaries. Solyndra is seeking $1.5 billion in damages.
According to the compliant, the group secured large investments from Chinese banks so they would have the financial backing to sell solar panels below the prices it costs to manufacture them. The companies then allegedly used the green energy trade association, China New Energy Chamber of Commerce, to share industry information and coordinate prices. Solyndra claims that subsidies from the investors and the trade group covered up the conspiracy and enabled the defendants to dump solar panels into the American market.
Solyndra alleges that its claims are supported by investigations conducted by the U.S. Department of Commerce and the International Trade Commission, including determinations by the Commerce Department that the defendants “dumped” solar panels into the U.S. market at “less than fair value.”
Categories: Antitrust Litigation