Abound Solar declares bankruptcy
Just this week Abound Solar announced it was declaring bankruptcy.
Abound Solar, a solar panel maker that received a $400 million loan guarantee from the federal government, announced on Thursday that it would file for bankruptcy amid plummeting prices and intense competition from Chinese manufacturers in the solar equipment market.
The failure of Abound, which tapped about $68 million of the loan guarantee before the Energy Department cut off its credit last September, comes after the collapse last year of Solyndra, another high-tech solar panel maker that had received federal funds. . . .
Abound Solar, of Loveland, Colo., with manufacturing in Tipton, Ind., had been struggling for months. In February, it announced it was closing its factory to conserve resources while it tried to start production of a more advanced product. The company produced panels that made electricity directly from sunlight using a chemistry called cadmium telluride, which was intended to have a cost advantage over the more common silicon cells. But that cost advantage eroded as silicon cells plunged in price.
Abound said it would file for bankruptcy next week and dismiss its 125 employees. . . .