Friday, June 29, 2012
Abound Solar goes belly up
Is anybody surprised by this?
From Businessweek -- Abound Solar Inc., a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will suspend operations and file for bankruptcy because its panels were too expensive to compete.
U.S. taxpayers may lose $40 million to $60 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes, Damien LaVera, an Energy Department spokesman, said in a statement today.
Solar power is a good idea, but one that is nowhere near market-ready. For Obama to have dumped so much taxpayer money into an industry that cannot compete in the energy market, rises to a level of incompetence, corruption, and outright stupidity that it is breathtaking.
Any industry that cannot compete on its own without government subsidies, shouldn't exist. It's that simple.