Abound Solar Files for Bankruptcy

US Department of Energy had funded this one, too
By Neal Colgrass,  Newser Staff
Posted Jul 2, 2012 5:50 PM CDT
Secretary of the Interior Ken Salazar, second from left, tours the Abound Solar manufacturing plant with the company's vice president Julian Hawkins, left, in Longmont, Colorado, on Aug. 4, 2009.   (AP Photo/Ed Andrieski)

(Newser) – Another government-supported solar panel company bit the dust today, Reuters reports. Abound Solar filed for Chapter 7 liquidation in Delaware after receiving about $70 million of a $400 million loan from the US Department of Energy, the firm said. The 125-employee company said it also had $300 million in private investment. Like Solyndra and Evergreen Solar, Abound was likely the victim of rock-bottom panel prices forced by competition from China and subsidy cuts in Europe. (Read more Solyndra stories.)

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