Solar Firm That Got $400 Million Taxpayer Loan From Obama Lays Off 180 Of Its 400 Workers
(ABC News) — Another recipient of Energy Department loan funds has run into financial trouble.
Colorado-based Abound Solar announced this week it has been forced to lay off 180 of its 400 workers as it tries to retool to produce a more efficient type of
solar panel in order to keep a technological edge on Chinese manufacturers who are flooding the market with less expensive models. Abound received approval in 2010 for a $400 million government loan.“As you know the solar market has been extremely difficult for all manufacturers,” said Craig Witsoe, the CEO of Abound Solar, in an interview with ABC News on Wednesday. “To
continue to make the panel we make today, to have to sell it below cost, it’s a tough environment to operate in.”It is one of four companies that have been issued a combined $1.3 billion in loans by the Obama administration to operate in the highly competitive field of solar manufacturing. Solyndra, the best-known of those recipients, filed for bankruptcy last year, touching off a wave of controversy about the role of
government money in backing high-risk start-up firms in the alternative energy field, and an investigation by Republicans on the House Energy and Commerce Committee.
Not one bit surprised. 
How many of these are there? Since I unknowingly paid for these startups, I want an audit, and not by a government agency.
Honestly, who can claim to be surprised by this now? I would be more surprised by a solar company that either took NO federal money, or that is not going bankrupt.
That's terrible but like the other posters have said it's no surprise at this point.
Who was the campaign bundler at that company? The execs at Solyndra even got bonuses after the company failed. Will the same happen when this company goes belly up?
Quoting lylalane7275:
How many of these are there? Since I unknowingly paid for these startups, I want an audit, and not by a government agency.
5Billion I believe was loaned out.
And over half were on shaky ground financially when they applied. I would guess 3B in those loans will never be seen again.
My guess is that the same will happen. Those big execs love their unearned bonuses.
Quoting rocketracer:Who was the campaign bundler at that company? The execs at Solyndra even got bonuses after the company failed. Will the same happen when this company goes belly up?
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- imamomzilla
on Feb. 29, 2012 at 7:52 PM