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.

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  • A123 Systems, An Electric Car Battery Company … Another Barack Obama Green Stimulus Company Failure
  • Abound Solar Inc, Another DOE Company Awarded a $400 Million US Loan Guarantee Ceases Operations & Files Bankruptcy
  • Obamanomics & Green Energy: US Taxpayers Pay Solar Firm ‘First Solar’ to Sell Solar Panels to Itself
  • Fisker Automotive Who Received Government Loan Totaling $529 million Fires 75% of Workers

  • Comments

    4 Responses to “Another Obama Touted Green Energy Company Lays off Workers, Abound Solar Received $70 Million and Lays Off 280 Employees”

    1. Public Enemy on March 2nd, 2012 10:48 pm

      U.S. Energy Department officials were also quick to note that Abound Solar also had strong backing from Republicans in Indiana who shared the hope that it could be a catalyst for new manufacturing jobs. The state’s GOP governor, Mitch Daniels, even supported an $11.85 million tax credit for the firm. Energy officials also said that two Abound investors were major Republican donors who have given more than $100,000 to Republicans in the last few years
      SM: I could care less what private citizen invested $’s to anything. I care about American tax payer $’s. Maybe that can explain why Mitch Daniels never ran for President for the GOP nomination. Maybe Mitch was not the conservative answer that so many pundits touted him to be.

    2. rightknight on March 3rd, 2012 2:18 am

      Our guy Barry just doesn’t have the luck
      necessary to be successful in betting our
      money on various dreams and ideas he has.
      I’ll bet he’s glad it’s not his own $$$ he’s
      flushing down the gambling drain.

      There are many professional clinics a fellow
      can check himself into to recover from a
      compulsive gambling problem!

    3. Dolf on March 3rd, 2012 9:48 am

      Its impossible to compete wih the Chinese on the solar energy.

      they are ahead and cheaper.
      SM: You are also missing the fact that they are willing to do certain things that the EPA in the US would never allow in the US.


    4. Tess on March 3rd, 2012 5:30 pm

      Obama, Stop wasting Tax Dollars.
      Another Obama Touted Green Energy Company Lays off Workers. Abound Solar Received $70 Million and Lays Off half its workforce and and delayed plans to open a new factory in Indiana.

      Yet Obama wants to CUT Benefits to Military Families.

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