Colorado-based solar firm that got DOE loan to file for bankruptcy
Abound Solar, a Colorado-based solar panel maker that received a $400 million loan guarantee from the Obama administration said Thursday it will file for bankruptcy.
Abound is the third clean energy company to seek bankruptcy protection after receiving a loan from the Energy Department under the economic stimulus law. California solar panel maker Solyndra and Beacon Power, a Massachusetts energy-storage firm, declared bankruptcy last year. Solyndra received a $528 million federal loan, while Beacon Power got a $43 million loan guarantee.
Congressional Republicans compared Abound’s failure to Solyndra’s collapse and said more failures were likely.
Rep. Jim Jordan, R-Ohio, chairman of a House oversight committee on stimulus spending said “Our government is not good at picking winners and losers in the marketplace but has certainly proved it is good at wasting taxpayer dollars.”