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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

(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.

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.
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)
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COMMENTS
Showing 3 of 68 comments
snarlzbarkly
Jul 3, 2012 11:27 PM CDT
Oh no, another yobama money laundering operation down the drain.
JackNelsonSteward
Jul 3, 2012 3:43 PM CDT
The Chinese are cleaning our clock on solar.  They're subsidizing their industry massively and we ... for reasons that are obvious if you read the comments here ... are not.
chillette
Jul 3, 2012 6:37 AM CDT
Many companies fail at the beginning of industry changes. It is worse today because our policies actually favor foreign countries which in my view is treason.
US • Green • Politics

 
solar power • Solyndra • Evergreen Solar

 
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