Did You Know...

   

Solar Company That Received $400 Million Taxpayer Loan Lays Off Large Percentage of Work Force

Share
By Doug Powers  •  March 1, 2012 08:46 AM

**Written by Doug Powers

null

Every few days now there are stories like this, and I always have to double check to make sure it’s not a repeat of previous stories we’ve already discussed. Unfortunately, they don’t usually turn out to be reruns.

From the Denver Post:

Longmont-based Abound Solar, recipient of a $400 million federal loan guarantee to expand solar panel production, said Tuesday it is laying off 280 workers and delaying a new factory in Indiana.

The layoffs represent 180 full-time workers and, according to the Longmont Times-Call, an additional 100 part-time employees. That is about a 70 percent reduction of Abound’s Colorado workforce.

“We are facing tough market conditions and falling prices” said Steve Abely, Abound’s chief financial officer.

Abound will take six to nine months to install new equipment and develop a solar panel that will be 20 percent more efficient and more cost competitive, the company said.

“Hopefully by then the market will recover,” Abely said.

According to the company, the Department of Energy continues to be supportive. Only people spending somebody else’s millions could maintain an excitement level about a business recovery plan with the word “hopefully” in it.

Flashback to 2010:

In his weekly radio address to the nation Saturday, Obama said Abound “will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs.

(h/t Weasel Zippers and Tina Korbe)

**Written by Doug Powers

Twitter @ThePowersThatBe

blog comments powered by Disqus

Thursday open thread: Hillary talks gun control in wake of Va. shootings; Pentagon conforms ISIS threat to match WH narrative

August 27, 2015 08:37 AM by Doug Powers

hillarychillin

Just chillin’ in Opportunist-ville

EO signed by Obama in 2009 could doom Hillary’s ‘classified email’ excuses, but at least Biden is smiling

August 26, 2015 05:05 AM by Doug Powers

hillarypresser

BS alarm dies from exhaustion

‘Not a smidgen of corruption’ moment of paws: Lois Lerner used email under dog’s name for IRS business

August 25, 2015 01:46 PM by Doug Powers

lerner

My dog ate my homework made me investigate Tea Party groups

Obama torches 20,000 gallons of gas to warn that ‘fossil fuel interests’ are conspiring against ‘clean energy’

August 24, 2015 09:10 PM by Doug Powers

solyndra-obama-3-1

Because it worked so well the first time

Total coincidence: Biden meets with Fauxcahontas; Hillary interrupts Hamptons vacation to campaign (Sunday open thread)

August 23, 2015 08:29 AM by Doug Powers

hillarybiden

Game change?


Categories: 2016 Campaign, Barack Obama, Corruption, Democrats, Hillary Clinton, Joe Biden

Follow me on Twitter Follow me on Facebook