Another Obama Solar Company Files For Bankruptcy After Receiving $400 Million Dollar Government Loan
by Bargis on 28/06/12 at 6:12 pmBoulder, CO – (SatireWorld.com)
Yes, another government supported endless hole-in-the-ground files for bankruptcy! 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 the Colorado Department of Labor who noticed all 12 employees were submitting jobless claims.
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.
So far the total debacle for the Obama administration’s support for 37 start-up energy companies is about $75 billion dollars in lost taxpayer funds, but don’t worry American’s will soon have Obamacare to toss the blame on since the truth of its real costs have never been disclosed.