Another Obama Green Energy Failure
Shocker. We have yet another ‘green energy’ company going bankrupt. Loveland, Colorado-based Abound Solar is suspending all operations and will seek bankruptcy protection next week. From the Denver Post:
The bankruptcy of Abound Solar, the solar panel maker with facilities in Longmont, Loveland and Fort Collins, will cost taxpayers $40 million to $60 million, according to the U.S. Department of Energy.
The company will close its doors next week and file for liquidation, according to a company statement. The closing will affect about 125 workers.
In July 2010, Abound received a $400 million loan guarantee from the DOE to build an Indiana factory and expand its Longmont plant.
The company has used about $70 million of the loan guarantee, and after bankruptcy liquidation the loss to taxpayers is estimated to be $40 million to $60 million, Damien Lavera, a DOE spokesman, said in a statement.
All this comes after they had already let about 280 employees go back in February. So, for those of you keeping score at home, the total loss here is $60M, 280 jobs, and no new factory in Indiana which they said would have produced 1200 jobs. Not as bad as the $535M disaster that was Solyndra, but still a gigantic waste of taxpayer money. Can anyone tell me why President Obama still thinks the government ‘investing’ in this stuff is a good idea?