UPDATE IV – Make that 50… – LINK
UPDATE III – October 18th 2012 – the number is 36 either filing for bankruptcy or about to – LINK
The latest “Solyndra” is Abound Solar. With so many of these green energy boondoggles it looks like this: Obama gives big taxpayer money to a campaign donor who is an owner in a junk “green energy company”. Said owners pay themselves in a big way, give big money to Democrats and go out of business. “Scheming that the right people got their loan guarantees” – LINK.
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.
For more coverage of green energy boondoggles and corruption see our Alarmism category.
Aside from Finnish car company (and Stimulus money recipient) Fiskar already having troubles, here is the list:
UPDATE – Make that 16 – Amonix Corp near Las Vegas closes doors after 14 months and $20 million in Green Energy grants – LINK
Energy Conversion Devices
A123 – Being handed to the Chinese after they got our money? – LINK.
UPDATE II – A123 now filing for bankruptcy and selling assets to Johnson Controls – LINK.
President Obama statement praising A123