A 2nd US supported maker of Solar Panels will close..green jobs..lol?
Abound Solar, a solar panel maker that received a $400 million loan guarantee from the federal government, announced on Thursday that it would file for bankruptcy amid plummeting prices and intense competition from Chinese manufacturers in the solar equipment market.
The failure of Abound, which tapped about $68 million of the loan guarantee before the Energy Department cut off its credit last September, comes after the collapse last year of Solyndra, another high-tech solar panel maker that had received federal funds.
Republicans, including Mitt Romney, the presumptive Republican presidential nominee, seized on Solyndra’s failure as evidence that the Obama administration wa`s wasting taxpayer money by supporting clean energy companies.
Abound Solar, of Loveland, Colo., with manufacturing in Tipton, Ind., had been struggling for months. In February, it announced it was closing its factory to conserve resources while it tried to start production of a more advanced product. The company produced panels that made electricity directly from sunlight using a chemistry called cadmium telluride, which was intended to have a cost advantage over the more common silicon cells. But that cost advantage eroded as silicon cells plunged in price.
Abound said it would file for bankruptcy next week and dismiss its 125 employees. The company said it could have been profitable if it had had large-scale manufacturing under way, but “aggressive pricing actions from Chinese solar panel companies have made it very difficult for an early stage start-up company like Abound to scale in current market conditions.”
insanity continues..you cant compete with china..get that through your thick heads..no matter how much you subsidize..and if you have to subsidize then its not standing on its own feet anyway..complete joke..