Colorado Local Govts Struggle in Wake of DOE’s Abound Solar Bankruptcy

Abound logoSo here’s the legacy left in Weld County, Colorado by bankrupt Abound Solar, the crony capitalist-influenced Department of Energy, and Democrat donor/investor/billionaire-ette Pat Stryker: A financially-screwed county government, hundreds who have lost their jobs, and a big, expensive toxic mess to clean up.

But it’s no skin off the jet-setting heiress’s nose as she continues to pour millions into hard-left causes, while the locals affected by the closure struggle.

Commissioners in the sprawling region on the Centennial State’s northern border with Wyoming threw in the towel this week on the hope they could recover much more than a pittance on the $1.8 million they are owed from the bankrupt stimulus beneficiary. The county – which scrambled for over a year to close its Abound budget hole – on Wednesday night agreed to accept a $100,000 settlement. The bumbling bureaucrats at DOE, who found Abound worthy of a …

Emails Show White House Exerted Pressure for DOE Loan to Abound Solar

Abound logoThe claim that the many beneficiaries (like Solyndra and Fisker Automotive) of President Obama’s green energy stimulus program received their millions of taxpayer dollars based on measurable metrics rather than political favoritism has always been undermined by the circumstantial evidence, but documents obtained by Complete Colorado indicate the White House applied direct pressure to its own Department of Energy to reward (another) one of its allies.

The company that reaped the benefit was Abound Solar, which filed for bankruptcy in June. In a copy of a June 2010 email, as analysts who evaluated applications were discussing doubts about the Loveland, Colo.-based solar panel manufacturer, DOE Loan Program Executive Director Jonathan Silver informed an agency credit advisor “that the WH (White House) wants to move Abound forward.” Another message from that loan program credit adviser, James McCrea, describes an atmosphere of “transaction pressure under which we are …

DOE Hiding Truth About Bankrupt Abound Solar’s Defective Panels

Abound logoAs the now-bankrupt stimulus loan recipient Abound Solar filed for Chapter 7 (liquidation) bankruptcy in early July thanks largely to its defective modules, the Department of Energy still praised the company’s work as “innovative” and cost competitive, all while it blamed Abound’s failure on China for dumping underpriced panels on the market.

And now, despite the fact that Abound no longer exists, DOE is still withholding public information about the company because it claims it would harm the inactive business’s competitive edge by disclosing trade secrets.

The Daily Caller reported last week that the company sold defective or underperforming products, and cited inside sources at the company who claimed officials knew their panels were faulty before they received taxpayer dollars. Abound received a reported $70 million out of a total $400 million stimulus loan guarantee – financing that was closed on in December 2010, two months after Abound knew …

DOE’s Derelict Judgment Makes Abound Solar a Tax Scofflaw

Abound logoBankrupt manufacturer Abound Solar, which is liquidating despite having received $70.9 million in taxpayer-backed loans from the Department of Energy, may leave government services in its former Weld County, Colo. home in trouble because of diminished property tax revenues.

The Greeley Tribune reported last week that Abound owes nearly $1 million for this year and by next year will have accumulated $1.8 million in county tax debt. As a result various school, public safety and other government services departments will have to look at budget cuts. The school district where Abound’s taxes went to, in St. Vrain Valley, will have to absorb more than a half-million dollars in lesser revenues because of the company’s failure.

Every county, city and community deals with property tax losses due to foreclosures and business closings, but the Abound Solar/Weld County example is one in which an unworthy company, that was the beneficiary of crony

Yet Another DOE Green Failure as Abound Solar Goes Bankrupt

Abound logoThe next time a green energy company announces it is intentionally slowing down for a transition phase, or that a technology breakthrough is just around the corner, or that all that’s needed for future success is just a little more taxpayer “investment” – don’t believe it. It’s likely a lie.

The latest example is Loveland, Colo.-based Abound Solar, which only four months ago laid off 70 percent of its employees in what it said was a plan to upgrade its plant to manufacture more efficient solar panels, with plans to restore production levels and rehire most employees within six to nine months. Yesterday – hidden under the news that the Supreme Court upheld Obamacare – the company released a statement that said it would end operations next week, liquidate, and make unemployed its remaining 125 workers.

The Department of Energy had awarded Abound a $400 million loan guarantee, $70 …

Surprise! Another DOE Solar ‘Bet’ Produces Green Job Losses

Abound logo

Yet another solar company that received loan guarantees from the Department of Energy has dismissed factory workers, lopping off 70 percent of its U.S. employees. Loveland, Colo.-based Abound Solar announced Tuesday it would lay off 280 workers at its production plant near Longmont, leaving 120 still employed. The start-up (2009) company attributed the cutbacks to the need for upgrades at the plant to manufacture more efficient solar panels, with plans to restore production levels and rehire most employees within six to nine months.

“Hopefully at the end of that time period we will bring people back,” said Steve Abely, Abound’s Chief Financial Officer, to the Boulder Daily Camera

DOE’s $400-million loan guarantee to Abound closed in December 2010, after President Obama delivered a weekly message a few months earlier hyping his jobs plan in a “clean energy economy,” in which he cited his plans for Abound:

Energy Secretary Steven Chu