U.S.-funded Abound Solar to file for bankruptcy

June 28 Fri Jun 29, 2012 2:04am IST

Related Topics

Priyanka Gandhi Vadra, daughter of Congress party chief Sonia Gandhi, adjusts her flower garlands as she campaigns for her mother during an election meeting at Rae Bareli in Uttar Pradesh April 22, 2014. REUTERS/Pawan Kumar

Election 2014

More than 814 million people — a number larger than the population of Europe — are eligible to vote in the world’s biggest democratic exercise.  Full Coverage 

June 28 (Reuters) - Privately owned U.S. solar panel maker Abound Solar said o n T hursday it planned to filed for bankruptcy protection next week, the latest solar company to close down despite receiving funding from the U.S. government.

The Loveland, Colorado, maker of thin-film panels had drawn about $70 million of a $400 million loan from the U.S. Department of Energy, which froze the disbursements in August last year.

The DOE has been sharply criticized by Republicans for lending more than $500 million to solar module maker Solyndra, which folded last year amid allegations the White House had pushed for the loans to reward its political supporters.

However, previous support for Abound Solar's government loans had come from both Republicans and Democrats, and the company had won some early financial support under the Bush administration's Department of Energy.

Abound had sought to sell solar panels made with cadmium telluride rather than polysilicon, which is used by most solar makers, It blamed the influx of cheaper solar equipment from China for driving it out of business.

The U.S. Commerce Department imposed duties total ling about 35 percent on some Chinese solar products earlier this year after ruling that Beijing had given too much support to Chinese manufacturers and that they had dumped inventories in the U.S. market at below cost.

The company had largely halted production early this year, and had unsuccessfully sought a buyer in recent months. About 125 employees will be laid off. (Reporting by Matt Daily; Editing by Dan Grebler)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

RAINFALL THIS YEAR

REUTERS SHOWCASE

Election 2014

Election 2014

Thousands mob Modi as election race starts in Varanasi.  Full Article 

Monsoon Forecast

Monsoon Forecast

Met office rules out surplus monsoon in 2014.  Full Article 

Facebook's Performance

Facebook's Performance

Facebook Q1 revenue grows 72 percent on rising mobile ads.  Full Article 

Earnings Season

Earnings Season

Bharti Infratel Q4 net profit jumps 64 percent.  Full Article 

Solar Dispute

Solar Dispute

Green groups urge U.S. to drop solar trade case against India.  Full Article 

Oil Imports

Oil Imports

India to make May-July oil payments to Iran - sources.  Full Article 

Rice Exports

Rice Exports

India may cede top rice exporter spot under Southeast Asian price onslaught.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage