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Solar Firm That Got $400 Million Taxpayer Loan From Obama Lays Off 180 Of Its 400 Workers

Posted by on Feb. 29, 2012 at 7:52 PM
  • 25 Replies
3 moms liked this

 

(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.

by on Feb. 29, 2012 at 7:52 PM
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Replies (1-10):
QuinnMae
by on Feb. 29, 2012 at 8:27 PM
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eye rollingNot one bit surprised.  

lylalane7275
by Silver Member on Feb. 29, 2012 at 8:46 PM
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How many of these are there?  Since I unknowingly paid for these startups, I want an audit, and not by a government agency.

29again
by Gold Member on Feb. 29, 2012 at 11:42 PM
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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.

4kidz916
by Gold Member on Mar. 1, 2012 at 12:07 AM
1 mom liked this

That's terrible but like the other posters have said it's no surprise at this point.  

rocketracer
by Gold Member on Mar. 1, 2012 at 8:25 AM
2 moms liked this

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?

imamomzilla
by on Mar. 1, 2012 at 8:59 AM
1 mom liked this

 I lost count. :-(

grlygrlz2
by on Mar. 1, 2012 at 9:13 AM
Bump to read later Gotta go do p90x.
jewjewbee
by on Mar. 1, 2012 at 10:20 AM
1 mom liked this

 there's alot more where all that came from. There will be more.

Cant wait till that piece of shit is backin chicago. chu should be facing a government panel for this and then Jail time.

jewjewbee
by on Mar. 1, 2012 at 10:24 AM

 

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.

 

4kidz916
by Gold Member on Mar. 1, 2012 at 11:59 AM

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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