Another Obama Green Energy Failure

Posted by in Blog, Featured, News, Politics on June 29, 2012 10:38 am / 5 comments

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?

 
 

5 Comments

  1. Another green energy firm bites the dust – CBS News says:
    July 2, 2012 at 6:32 pm

    [...] (blog)Your Obama “green energy” bankruptcy of the day: Abound SolarHuman EventsThe Right Sphere -SustainableBusiness.comall 287 news articles » You may also like -Romney Green [...]

  2. Oh, Look!! More Obama Green Energy Failure! | The Right Sphere says:
    July 18, 2012 at 8:17 pm

    [...] employees properly. I’m shocked. I mean, nothing like this has ever happened before, right? Oh, wait…   Tweet !function(d,s,id){var [...]

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    January 18, 2013 at 1:13 pm

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  4. Angelo Dougal says:
    April 13, 2013 at 12:16 pm

    Solar energy is a natural source of energy that comes directly from the sun. When solar energy hits the earth it spreads over the earth’s surface and provides warmth evenly. If you could capture the sun’s rays into a particular area for a long period of time it would provide enough warmth for nighttime or on cloudy days. Learning where to find solar energy can help you to get started today. Solar energy does not cost anything because it comes from the sun. The source that you choose may cost some but in the long run it should be your only expense, unlike gas or oil heaters that you continue to pay for monthly in order to have power or gas heat in your home. Solar power can provide heating, cooling and ventilation..

  5. Mae says:
    May 23, 2013 at 7:54 am

    Angelo’s idea is great, you know what solar energy should be a source. We all know that the earth is heating up, why not use that heat to benefit the people.

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