Taxpayer-backed solar firm under fire after bankruptcy, questions over defective panels
Another solar company that received taxpayer support before going bankrupt is facing tough questions from Congress and a criminal investigation -- following in the footsteps of solar-panel firm Solyndra.
The company facing scrutiny is Abound Solar, based in Longmont, Colo. Colorado's Weld County has launched a securities fraud investigation following allegations that Abound may have misled investors and a bank before securing funds.
"Our goal is if crimes were committed to make sure individuals are held accountable," said Weld County District Attorney Ken Buck.
It's a stunning turnaround for a company that appeared to be on a roll. In December of 2010, Abound had just secured a $400 million federal loan guarantee. Like Solyndra's more than $500 million loan, it was part of President Obama's green energy stimulus program.
Eighteen months later, though, Abound was filing for bankruptcy protection after burning through $70 million from taxpayers. Company employees have since come forward saying Abound officials knew their solar panels were defective and sold them anyway in order to meet benchmarks, so the company could get the Department of Energy loan.
I just went to an energy management seminar put on by xcel.
Wind power has done far better than they expected but solar has tanked
The 15,000 panel farm up north has had 14,700 panel failures alone since it opened.
Pickens Tech in Aurora offered a solar electrical class, payed for with
$500,000 in taxpayer money, and closed it after only 3 years.
the graduating students could not find work.
Now the outside array's are just sitting collecting dust, and most were not even completed.
the classroom was converted to an electronics class.
