ALL: In an attempt to bury even more bad news from its green energy investment program, the Obama Energy Department announced today that yet another recipient of taxpayer money is going bankrupt and laying off their workforce. Check out the Shot/Chaser below:
SHOT: Today: AP: “Solar Firm That Got DOE Loan To Declare Bankruptcy”
A Colorado-based solar panel maker that received a $400 million loan guarantee from the Obama administration is set to file for bankruptcy, the latest setback for an industry battered by the recession and stiff competition from companies in China. Abound Solar of Loveland, Colo., said Thursday it will suspend operations and file for bankruptcy next week, after talks with potential buyers broke down. The company received about $70 million from the Energy Department before officials froze its credit line last year. Abound is the third clean-energy company to seek bankruptcy protection after receiving a loan from the Energy Department under the economic stimulus law. California solar panel maker Solyndra and Beacon Power, a Massachusetts energy-storage firm, declared bankruptcy last year. Abound said about 125 workers would be laid off.
CHASER: July 2010: Barack Obama Touted The Government’s Loan To Abound Solar In His Weekly Address…
OBAMA: “The second company is Abound Solar Manufacturing, which will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs. A Colorado plant is already underway, and an Indiana plant will be built in what’s now an empty Chrysler factory. When fully operational, these plants will produce millions of state-of-the-art solar panels each year.” (President Barack Obama, Weekly Address, Washington D.C., 7/3/10)