"Another Solyndra" - Abound Solar received a $400 million U.S. loan guarantee, now in "Free Fall".

 

Free fall!

"Another Solyndra" - Abound Solar received a $400 million U.S. loan guarantee, now in "Free Fall".(BB).Abound Solar Inc., a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will suspend operations and file for bankruptcy because its panels were too expensive to compete. Abound borrowed about $70 million against the guarantee, the Loveland, Colorado-based company said today in a statement. It plans to file for bankruptcy protection in Wilmington, Delaware, next week. The failure will follow that of Solyndra LLC, which shut down in August after receiving a $535 million loan guarantee from the same U.S. Energy Department program. Abound stopped production in February to focus on reducing costs after a global oversupply and increasing competition from China drove down the price of solar panels by half last year.U.S. taxpayers may lose $40 million to $60 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes, Damien LaVera, an Energy Department spokesman, said in a statement today. “When the floor fell out on the price of solar panels, Abound’s product was no longer cost competitive,” LaVera said. Hmmmm......Another "Obamination".Read the full story here.