On Monday, Abound Solar – recipient of a Department of Energy loan guarantee – filed for bankruptcy.
The Loveland, Colorado thin-film module manufacturer announced that it would suspend operations at the end of June, laying off of 125 employees.
The company had $300 million in private investment as well as $70 million from an Energy Department loan guarantee – the same program that Solyndra qualified for. Abound noted that it originally had access to a $400 loan guarantee, but that figure had been frozen since August 2011.
According to a statement on its website, “aggressive pricing actions from Chinese solar panel companies have made it very difficult for an early stage startup company like Abound to scale in current market conditions.”
Abound Solar's manufacturing facility in Longmont, CO. Photo Credit: Abound Solar
The firm also expressed support for anti-dumping actions against Chinese imports, but that noted that such moves came too late to save Abound’s operations.
“When the floor fell out on the price of solar panels, Abound’s product was no longer cost competitive,” said Energy Department spokesman Damien LaVera.
The solar firm filed for Chapter 7 liquidation in U.S. Bankruptcy Court in Delaware this week. According to the filing, Abound had over $100 million in both debts and assets.
