Good grief. I feel like these ailing Department of Energy-backed loan guarantees are so laughably many that they’re barely even worth noting anymore, but you’re darn tootin’ I’ll continue to do so as long as President Obama keeps acting like it’s the federal government’s divine right to pick and choose winners in the energy market on the taxpayers’ dime.
Abound Solar, a company that President Obama has specifically touted by-name as a poster child of the glorious green future, was supposed to “creat[e] more than 2,000 construction jobs and 1,500 permanent jobs.” …Not quite. The company has been on the rocks for months, and now they’re officially bankrupt:
Abound Solar Inc., a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will close its doors and file for bankruptcy because its panels were too expensive to compete with Chinese products, according to the U.S. Energy Department.
Abound, based in Loveland, Colorado, borrowed about $70 million against the guarantee, the Energy Department said today in a statement. Calls to Abound executives weren’t returned today. …
U.S. taxpayers may lose as much as $30 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes, he estimated.
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