Abound Solar is yet another government subsidized solar company that gets burned.
Abound Solar Press Release excerpt:
Abound Solar’s closure is an unfortunate but very real consequence of the continued slide in crystalline silicon (c-Si) pricing and the increased competition for limited global demand of solar modules,” said MJ Shiao, Senior Analyst at GTM Research. “Abound was still in the earlier stages of technology and commercial development and despite over $220 million in private investment and $70 million drawn from its $400 million U.S. Department of Energy (DOE) loan guarantee, simply didn’t have the cost and downstream reach to survive in the tumultuous solar market.
Abound’s cadmium telluride (CdTe) product had little differentiation from First Solar and also suffered from lower efficiency,” said Shyam Mehta, a Senior Analyst at GTM. “Produced at lower scale and likely a higher cost, the chance for survival in the current market environment was always slim. Unfortunately, Abound and other module manufacturing closures including thin film and c-Si suppliers alike, is still just the tip of the iceberg. GTM Research forecasts at least 21 GW of PV module manufacturing capacity to retire by the end of 2015.”
For further comment from GTM Research, please contact VP of Research, Shayle Kann at kann@gtmresearch or by phone at +1 617 500 4216.”
Read more here. RINOs got in on the act too!
Abound also had support from the Republican side. Indiana’s GOP governor, Mitch Daniels, supported an $11.85 million tax credit for the firm, and “two Abound investors were major Republican donors who have given more than $100,000 to Republicans in the last few years.” according to reports in the National Review.”