More solar firms fall into bankruptcy

Another stimulus-funded solar company is struggling financially. Abound Solar Inc. received $400 million in U.S. loan guarantees to build two solar panel manufacturing facilities.[ia] The company shut down its one plant in Colorado and fired 180 workers--about half of its workforce--because solar panel prices fell by 50 percent last year.[ii] According to Abound, "it is shutting down production of its first-generation solar module to speed the changeover necessary to launch the next-generation module, which it says will be much more efficient."[iii] So far, Abound has collected about $70 million of its taxpayer-funded loan guarantee.[iv] Abound Solar was also expected to erect another solar manufacturing plant in Tipton, Indiana, but has delayed its construction.