Abound Solar to File for Bankruptcy
A Colorado-based solar panel maker that received a $400 million loan guarantee from the Obama administration said yesterday that it will file for bankruptcy, the Associated Press reported yesterday. Abound Solar of Loveland, Colo., said it will suspend operations 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. Solyndra received a $528 million federal loan, while Beacon Power got a $43 million loan guarantee. Abound said about 125 workers will be laid off.