Last week, Abound Solar announced that it had fired 180 employees, and would shut down production of its solar panels at least until the end of the year. Advanced Solar was the recipient of a $400 million loan guarantee from you, the taxpayers, to build two factories.
Abound Solar will use this 9 month, or so, period to retool it’s plant to manufacture 2nd generation solar panels (whatever they are) as, apparently, 1st generation panels are now passe. The good news, here, is that Abound Solar “only” drew down $70 million of that loan guarantee, so, you are only on the hook for $70 million…at least at the moment.
There was more exciting news on the solar front recently that you may have missed.
[Abound's decision] comes a week after a bankruptcy auction of Solyndra generated sales of $3.81 million, or less than 1 percent of the federal financing. [emphasis supplied]
Doesn’t it make more sense to let the “greedy capitalist entrepreneurs” lose that kind of money?
Oh, wait, I forgot, the greedy capitalistic folks saw a turkey as it was…a turkey, and refused to throw more money at Solyndra.
Thank goodness the federal government doesn’t recognize a turkey when it sees it.