Abound Solar to Close Its Doors, Will Seek Bankruptcy

[WestVirginiaRebel]

Business Week:

Abound Solar Inc., a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will close its doors and file for bankruptcy because its panels were too expensive to compete with Chinese products.

Abound borrowed about $70 million against the guarantee, the Loveland, Colorado-based company said today in a statement. It plans to file for bankruptcy protection in Colorado next week.

The failure will follow that of Solyndra LLC, which shut down in August after receiving a $535 million loan guarantee from the same U.S. Energy Department program. Abound stopped production in February to focus on reducing costs after a global oversupply and increasing competition from China drove down the price of solar panels by half last year.

“Aggressive pricing actions from Chinese solar-panel companies have made it very difficult for an early stage startup company like Abound to scale in current market conditions,” the company said in the statement.

U.S. taxpayers may lose $40 million to $60 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes, Damien LaVera, an Energy Department spokesman, said in a statement today.

“When the floor fell out on the price of solar panels, Abound’s product was no longer cost competitive,” LaVera said.

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Well, the Obama administration will just make people buy solar panels, then. After all, the Supreme Court says they can do it with health insurance...

[NCTexan]

Well, the Obama administration will just make people buy solar panels, then. After all, the Supreme Court says they can do it with health insurance...

 

Anyway... It's for our own good but we're just tooooo stupid to understand.

[clearvision]

So right now government collects taxes from "all" and then gives back to those who buy solar. Seems like a minor difference to Health Care. If you don't buy solar you are paying more taxes than someone of equal pay who did. Hmmmm.