Another Obama Touted Green Energy Company Lays off Workers, Abound Solar Received $70 Million and Lays Off 280 Employees
YET ANOTHER FAILED GREEN ENERGY COMPANY COURTESY OF BARACK OBAMA ... Its is becoming an all to common occurrence. Welcome to another Barack Obama highly touted green energy company that received government stimulus money lays off workers.
Add Abound Solar to the long list of Obama highly touted green energy companies that received federal dollars that is now laying people off. The company will be laying off 280 employees. Abound Solar won the $400 million loan guarantee from the Obama administration in December 2010 to expand a Longmont, CO, solar manufacturing facility and to build a new factory in Tipton, IN.
U.S. solar-power firm Abound Solar said Wednesday it will stop making solar panels while it retools a Colorado factory as part of a project backed by $400 million in federal loan guarantees.
The company has laid off 280 employees and delayed plans to open a new factory in Indiana that was also part of the government-backed deal.
The announcement was the latest sign of trouble for a manufacturing company backed by the Department of Energy’s loan guarantee program, which has already lost more than $500 million on loans to failed California solar panel maker Solyndra LLC.
Energy Secretary Steven Chu said Tuesday he felt the department would have more than enough reserves to cover future losses on the loan program. So far, Abound has drawn down about $70 million of taxpayer-guaranteed funds.
Yes, this is the same Energy Department Secretary Chu who has no issue with escalating gas prices so that the Obama administration can force people onto failed green energy.