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Bankrupt Colo. solar firm sticks taxpayers for $68 million, doomed by poor quality

July 3, 2012 at 12:17 pm
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Despite glowing press clippings in which the CEO of Colorado-based Abound Solar claimed seven months ago that his company was the “anti-Solyndra,” the green-energy firm has filed for chapter 7 bankruptcy liquidation. It is terminating all 125 workers at its Loveland, Colo. headquarters, and is blaming China for its failure.

The U.S. Department of Energy awarded Abound Solar a $400 million loan guarantee in December 2010, funds that the then-three-year-old startup said it would use to compete with solar panel industry leader First Solar.

The company had tapped into about $70 million of those funds by August 2011 when the DOE unplugged it from the taxpayers’ cash stream, around the same time the more famous Solyndra went bankrupt. That company ate through $535 million in loans guaranteed by the federal government before it failed.

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  • Speedy7201

    With the money that Obama gave ALL of these companies that have failed or failing, he could have used that money to put Solar Panels on We The Peoples homes and helped them just as much, but We The People would have at least gotten something out of it. I would love to have an extra $10k to put Solar and wind power on my home, but very few can afford that and UNTIL they come up with a way to lower the cost of fond a way to finance the install, nother will be able to compete. Thats why MOST companies start small and work their way up into the market, but NO, Obama wanted to start tem off BIG just to watch them fail. Biggest waste of money ever.

  • http://www.facebook.com/profile.php?id=516859771 John Sweet

    Just Like Solyndra look who owns the company and their political leanings, to better understand why the money went that way and to who at tax payers expense