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  • Stimulus-Backed Solar Company Lays Off 70 Percent of Workforce

    President Obama used a weekly address in July 2010 to tout his stimulus package’s support for the solar industry. One of the companies he mentioned specifically, Abound Solar, just announced that it will lay off 70 percent of its workforce.

    Abound would “creat[e] more than 2,000 construction jobs and 1,500 permanent jobs,” Obama claimed, and would be integral to the administration’s quest to “create whole new industries and hundreds of thousands of new jobs in America.”

    But a year and a half later, the company’s staff numbers only 120. It announced Tuesday that it would lay off 180 full time and 100 part time employees, halt solar panel production, and delay the construction of a manufacturing plant in Indiana

    Abound received a $400 million loan guarantee under the Energy Department’s Section 1705 renewable energy loan program, which also gave a $535 million guarantee to now-bankrupt Solyndra. Abound has drawn $70 million of its loan guarantee, and won’t be able to draw any more until it resumes production.

    Steve Abely, the company’s chief financial officer, rejected comparisons between Abound and Solyndra. “Solyndra cells were never cost competitive,” he insisted. “We are competitive.”

    Posted in Energy, Featured, Scribe [slideshow_deploy]

    13 Responses to Stimulus-Backed Solar Company Lays Off 70 Percent of Workforce

    1. commanderkoolaid says:

      Great reporting, this entire green energy scam is nothing but a theft of the taxpayers money. The MSM remains silent, in fact they praise the theft b/c the wealth transfer was gauged on the so-called best of intentions od green energy.
      What a crock! http://drinkyourkoolaid.com

      • way2confused says:

        The dirty little secret here is the redistribution of wealth is going from the government to the rich, the Obama bundlers and big dollar supporters. And Obama's poor ghetto base thought THEY were going to see more Obama money. he couldn't care less about them until he wants their votes. So he will lie to them and they'll once again fall for the sham.

        • Tom says:

          Most of the benefits of all redistribution programs go to the already rich. The needy get to see the money as it passes by them. The working middle class gets to see the money when they handle it on its way past them. It is the wealthy–those who already have enough income that they don't have to spend additional income right away–who get to save and invest the additional income.

          That includes "investments" made to bribe elected officials to pass laws that provide further advantages to those who are already advantaged.

          And it is all being made possible by Bernanke and his legalized counterfeiting operation.

    2. Ahhhh, Obama will save us!!!

    3. Bobbie says:

      Patterns constitute criminal investigations. His continuance of this unconstitutional overreach that result in nothing favorable to the tax payers footing the bill, constitutes immediate reprimand. The world respected order in America's government. This is not order. This is take over through subconscious manipulation…

    4. Stirling says:

      The "Green" money pit.. that is this administrations handling of our tax dollars.. Bernie Madoff has nothing on this presidents heist of our money..

    5. Ed Dursky says:

      The mortality rate on Obama's "green jobs" welfare program is racking up quicker than anyone can count. Gosh…I suppose the lamestream media is waiting for the 1,000th company to go belly-up…so they can do a really big expose story on their boy, huh?

    6. Perry OK says:

      Oh come on! Ob is just trying to follow a EU station in his actions. We won our freedom from europe once now we the people elect to go back with prince ob as the elected court jester and we the subjects can only write in blogs and hope our voice is heard. Sad days ahead, glad I know how to grow my own food and will not (NOT) share unless you cut wood for your supper. Then go away and stand in line for your obama gruel and don’t come back.

      I believe in hand up not out. So ob and green are words not action, his words are hollow and the sun does not always shine nor the wind always blow (unless there is a telaprompter and a crowd).how about those coal powered cars, you know the volt! Yeah that one. Guess where the electricity come from!!!

      The sky is not falling yet so remember to vote. Any body but obama!!!

      • Slick says:

        Well, I can tell you FOR SURE where it is NOT coming from!!! This guy has doubled down so many times if he were in Las Vegas he would be way past DONE!! You have to remember, however, it is always easier to take big gambles when you are playing with someone else's money!!!

    7. Patricia Anderson says:

      WEll Pat another down!

    8. Marvin says:

      Steve Abely, the company’s chief financial officer, rejected comparisons between Abound and Solyndra. “Solyndra cells were never cost competitive,” he insisted. “We are competitive.”

      Oh and he's running Abound correctly? What an idiot. If you want to make some money, buy puts or short stocks in this crony capitalism green scam. Tesla, First Solar are a couple that come to mind.

    9. Greg says:

      I live in the town is debacle happened in; the announcement was in yesterday’s newspaper. In the article, the CFO states that every solar company, even the huge Chinese government-backed companies, are selling for less than the cost of production. Yet he says his company is cost-competitive. HUH??? They may be selling at a comparable price to their competition, but if they’re selling everything at a loss, how is that sustainable??? One doesn’t need a PhD in economics to understand this is perhaps not the best business model to follow. But it’s government (read OUR) money, so it’s okay, right?

    10. rodger says:

      Solyndra and now Abound. HMMM, I wonder how much of this money actually went back to the DNC as campaign contributions? Wow, I loan you someone else's money and in return you can declare bankruptcy and keep one half of the loan for yourself and contribute the other half to my campaign fund. Then you write off both on your tax returns. Is this a great Country or what!!!! The best part is, the sucker that supplied the money isn't even aware that he is the one who got the short end of the stick……

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