Friday, June 29, 2012

Abound Solar Shuts Down

Loveland, Colorado=based Abound Solar, a manufacturer of thin film, cadmium telluride photovoltaic modules, is filing for bankruptcy and shutting down, according to the Department of Energy. According to the DOE, the shutdown came because the "floor fell out on the price of solar panels", making Abound's thin film modules no longer price competitive. Abound has been the recipient of a $400M loan guarantee from the DOE, although the DOE said it had only lent the firm less than $70M. Abound's thin film technology was expected to cost much less than traditional solar panels, to be build here in the United States. The firm had been buildling two plants, one in Longmont, and another in Tipton, Indiana. Abound had raised more than $300M in funding, from BP Alternative Energy, Invus Group, Bohemian Companies, DCM, and Technology Partners, and others.