See if this sounds familiar. A solar energy company with a principal investor who is a huge supporter Barack Obama and Democrat causes got a Department of Energy loan for hundreds of millions of dollars. The President publicly claims the company will “create whole new industries and hundreds of thousands of new jobs in America.” However, fourteen months later the company is bleeding financially, laying off hundreds of workers, shutting down production to retool, and complaining that it is all China’s fault.
No, it is not Solyndra. The company is Abound Solar; winner of a $400 million DOE loan in December, 2010. Abound was to make solar panels at its Longmont, Colorado facility and build a second plant in Indiana. Obama used part of a regular weekly radio address in 2010 to praise Abound who he said would “create 2000 construction jobs and 1500 permanent jobs.” Barely a year later, Abound Solar is a skeleton of Obama’s fertile imagination. The workforce is being slashed by 70%, 280 workers. The anticipated Indiana plant is nowhere to be found.
Company executives say competition from Chinese low-cost manufacturers has negatively impacted business forcing them to sell their solar panels below the cost of production. Was China not in the solar panel market 14 months ago? Did nobody notice?
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Wednesday April 23rd, 2014 | John Ransom
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Tuesday April 22nd, 2014 | John Ransom