Flashback: Obama Touts $400 Million Taxpayer Loan To Solar Company That Declared Bankruptcy Yesterday
During his weekly address in July 2010, Obama boasts of Abound Solar which is now bankrupt (July 3, 2010).
Solyndra Part VIII.
Abound Solar, a Colorado thin-film photovoltaic panel startup that snagged $400 million in federal loan guarantees to take on industry leader First Solar, is shutting down and filing for bankruptcy, according to the U.S. Department of Energy.
The company did not immediately respond to an inquiry seeking comment. Abound’s shut down was first reported Thursday by Greentech Media.
The company made thin-film solar panels that while less efficient than standard crystalline silicon panels were cheaper to manufacture, particularly when silicon prices were high.
But Like Solyndra and other thin-film startups, Abound increasingly found itself squeezed by plummeting prices for standard solar panels as Chinese manufacturers ramped up production and silicon costs fell as well as by the entry into the thin-film market by General Electric, which is building a 400-megawatt factory to produce cadmium-telluride solar panels.