Monday, July 2, 2012
Bankrupt Colo. solar firm sticks taxpayers for $68 million, doomed by poor quality | The Daily Caller
Another "Green" company that Obama wasted tax payers money on, goes bankrupt. We are all living the Dream of Obama's Utopia... and paying the price.
Bankrupt Colo. solar firm sticks taxpayers for $68 million, doomed by poor quality | The Daily Caller: "Despite glowing press clippings in which the CEO of Colorado-based Abound Solar claimed seven months ago that his company was the “anti-Solyndra,” the green-energy firm has filed for chapter 7 bankruptcy liquidation. It is terminating all 125 workers at its Loveland, Colo. headquarters, and is blaming China for its failure.
The U.S. Department of Energy awarded Abound Solar a $400 million loan guarantee in December 2010, funds that the then-three-year-old startup said it would use to compete with solar panel industry leader First Solar.
The company had tapped into about $70 million of those funds by August 2011 when the DOE unplugged it from the taxpayers’ cash stream, around the same time the more famous Solyndra went bankrupt. That company ate through $535 million in loans guaranteed by the federal government before it failed."
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Posted by David H. at 11:08 PM