Home / Energy / Solyndra 2: Another Subsidized Solar Panel Firm Goes Bankrupt
Print Friendly and PDF

Solyndra 2: Another Subsidized Solar Panel Firm Goes Bankrupt

Written by Gary North on October 11, 2012

Solyndra was a boondoggle. The Department of Energy put taxpayers on the hook for half a billion dollars in loan guarantees. The company made solar panels. It went belly-up in September 2011. (How time flies!) Taxpayers will pay off its creditors.

It was all part of green energy, which is energy that produces mostly red ink, and then gets lots of green from the U.S. government.

It was not alone. Another green energy company went bankrupt in June. It has stayed off the media’s radar until now. But a local TV station found out.

LONGMONT, Colo. – A bankrupt Longmont-based company that received $68 million in stimulus money is under investigation by the Weld County district attorney’s office.

7NEWS has confirmed Abound Solar is under investigation.

Abound made solar panels which it sold across the country, Europe and India.The Department of Energy approved nearly $370 million in federal stimulus money for Abound. The company received $68 million before payments were stopped in 2011.

Sources tell 7NEWS that the company’s finances are under scrutiny.

7NEWS obtained internal documents from 2012 that show orders for tens of thousands of replacement solar panels. The orders cite different reasons for the replacements including, “low performance,” “under performance” and “catastrophic failures.”

The orders are for replacements requested after the Department of Energy stopped stimulus money payments to Abound.

“These are solar panels we are now seeing reports that said they worked as long as you didn’t put them in the sun,” said Rep. Cory Gardner, R-Colo. “Now the question is did the (Department of Energy) — did they know something that the rest of should have known? Did Abound not tell the DOE something? These are questions that need to be answered.”

The Cingressman says he will send letters to the Department of Energy demanding an explanation.

The Department of Energy will respond in candor. . . . when Abound’s panels work.

“We need to know, did the Department of Energy — did they close on the loan when they knew there were technical problems with the product?” said Gardner. “The fact that we have taxpayers on the hook for $70 million means that we, in Congress, have a responsibility to make sure nothing was done improperly.”

Lots of luck, Congressman!

The county gave the firm a $100,000 tax break. Now the firm has left the county with $1.8 million dollars in back taxes.

Lots of luck, Weld county.

When the government puts up billions of dollars to fund projects the free market rejects, it finds that it has funded lots of bad projects.

Continue Reading on www.thedenverchannel.com

Print Friendly and PDF

Posting Policy:
We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse. Read more.

4 thoughts on “Solyndra 2: Another Subsidized Solar Panel Firm Goes Bankrupt

  1. Bob Marshall says:

    The "father of green energy" was Karl Marx. That should tell us something about Obama. Doesn't anyone care that while attending Occidental College, the then young Obama was a Marxist Revolutionist.

  2. Nobody cares. Women and guilty white liberals swoon over him. But to his credit, at least he's kept us out of World War III so far, something Romney seems bent on igniting.

  3. The Big Easy says:

    @ignatius————IS YOU CRAZY ??????????This flea-infested flea-bagger food-stamp pink-slip giving occupier what's in charge in the white house now (BUT NOT FOR LONG ) has done EVERY THING he possibly could to get us into some sort of conflict.Just look at the fact that he has sided with the TERRORIST OUTFIT,the muzzzslime bro's and such as russia's putin,the other dicktators like castro,chavez,the sand-flea of iran,etc.,etc..Then you have where the food-stamp pink-slip giving occupier will NOT even meet with BI Bi from ISREAL about the fact that the sand-flea from iran says WHEN he has the bomb,he WILL use it to WIPE-OUT the people of ISREAL.And you say the occupier is doing a good job————–What a puke———–

  4. Patriot1776 says:

    Big Easy, the liberals think that it's okay that obama kowtows to the muslims as long as he keeps us out of whatever the media calls war. The fact that he has assassinated some muslim terrorist leaders, which just might have influenced the decision to attack our counselate in Libya, murder our embassador, and the other 9-11 terrorist activities, the fact that we still have "boots on the ground" in Iraq and Afghanistan, Africa…all facts and realities that the liberals choose to ignore because it improves the image of the emporer and keeps us from looking like a strong, independant, sovereign country.