Abound Solar halts production, cuts 180 jobs

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IBJ:

A Colorado-based solar module maker said Tuesday that it was suspending work on its first-generation models and laying off about 180 workers as the company focuses on a more efficient product.

 

Abound Solar, which hoped to hire up to 1,200 people in Indiana by the end of next year, said it plans to rehire the laid-off Colorado employees in six to nine months, after it retools equipment and manufacturing processes for the new module, Chief Financial Officer Steve Abely said. About 100 temporary workers also would be laid off, according to The Longmont Times-Call.

 

The Loveland-based company had about 400 employees before the cuts. Permanent workers have received severance packages.

 

The company received a $400 million loan guarantee from the federal government as part of a stimulus package in 2010 but has drawn less than $70 million, according to the U.S. Energy Department.

 

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Anyone see a trend here?