Colorado's Abound Solar to Declare Bankruptcy

Abound Solar of Loveland, Colorado, intends for file for bankruptcy.  The company, which makes solar panels, has announced its intent to suspend operations in early July, laying off 125 employees.  This follows the termination of talks with potential buyers.  The company is the recipient of a $400 million loan guarantee from the U.S. Department of Energy.  Plunging solar panel prices made the company’s expansion plans unworkable and the line of credit was suspended in September of 2011.  The company said that “aggressive pricing actions from Chinese solar panel companies have made it very difficult for an early-stage startup company like Abound to scale in current market conditions.”

Source:  Climate Change Business Journal, July 6, 2012.