While everyone was talking about last week’s Supreme Court ruling on ObamaCare, the bankruptcy of another solar panel maker went unnoticed.
Abound Solar, a spinoff of Colorado State University, will suspend operations this week. The company qualified for a $400 million federal loan guarantee but only received about $70 million after federal officials froze the company’s credit line last year.
Brian McGraw, policy analyst at the Competitive Enterprise Institute‘s Center for Energy and Environment, says no one should be surprised by the bankruptcy.
“This is the same [Department of Energy] program that was obviously responsible for Solyndra, handing out money to everyone who comes and asks for it — all of these renewable energy companies,” he notes. “Obviously, not everyone will fail, but lots of them are failing, and it looks like we’re going to continue to see that. It’s just like a bank, but a bank that doesn’t care about the profit motive. They’re not doing their homework.”