A View from David Rotman
Abound Solar: Another Solar Casualty
The thin-film photovoltaic maker has announced it is going out of business.
In a decision that will surprise few energy observers, Abound Solar, a Loveland, Colorado-based maker of thin-film cadmium telluride solar modules, has announced it will file for bankruptcy protection and suspend its operation. It’s the latest failure of an energy company that had received funding under the Department of Energy’s loan program.
Although Abound had received a $400 million DOE loan guarantee for building solar-panel manufacturing in Colorado, the company says it has used only $70 million of the funding and has not used any DOE funds since August 2011. The company also had $300 million in private investments. Earlier this year, Abound has stopped manufacturing its solar modules and it says it had been unsuccessfully looking for a buyer over the last several months.