Abound Solar Inc., which received a $400 million U.S. loan guarantee to build two factories, shut down production and fired 180 people after panel prices fell by half last year.
Abound stopped making its first-generation solar panels and will refit its manufacturing lines to produce more efficient products, the Loveland, Colorado-based company said yesterday in a statement.
The move is a response to the same forces that drove Solyndra LLC into bankruptcy after it received a $535 million loan guarantee from the same U.S. Energy Department program, said Pavel Molchanov, an analyst at Raymond James & Associates Inc. in Houston.
Wow. Headline is a bit sensational but the story still is damaging.