10/02/2012

Bankrupt "Abound Solar" Received Stimulus Money For Inherently Faulty Product

Posted by Brian
Another "green" boondoggle, paid for by taxpayers!
This time, the Obama administration gave millions to a solar company whose panels were literally bursting into flames (See video).
Meanwhile, cheap reliable energy companies are being shut down all over the country by the Obama administration, spearheaded by an EPA carrying out Obama's promise of making it "too expensive" to pay for the "Stalinist" regulations being foisted upon them.

Sources, documents suggest government-subsidized Abound Solar was selling faulty product Published: 11:50 AM 10/02/2012  
By Michael Bastasch

Seven months after calling themselves the “anti-Solyndra,” the Colorado-based solar panel manufacturer Abound Solar announced it was filing for chapter 7 bankruptcy liquidation, arguing that cheap Chinese solar panels flooding the market caused their demise.

“With over $30 billion in reported government subsidies, Chinese panel makers were able to sell below cost and put Abound out of business before we were big enough to pose a real competitive threat to China’s rapidly growing market share,” according to the prepared congressional testimony by Craig Witsoe, former CEO of Abound.

Abound Solar was given a $400 million loan guarantee by the Energy Department, and drew on about $70 million dollars of the guarantee before DOE cut them off in September 2011 — the same month the Solyndra scandal began.
Continue Reading
Enhanced by Zemanta
There was an error in this gadget