Abound Solar, a manufacturer of thin-film cadmium telluride (CdTe) photovoltaic modules, has announced that it will file a petition for protection under U.S. Bankruptcy Code in Colorado during the first week of July. The company will also suspend operations, impacting approximately 125 employees.
Earlier this year, Abound ceased production of its first generation PV module and has been working to scale up manufacturing for its high-efficiency, second generation PV module, which was tested and verified by the National Renewable Energy Laboratory (NREL) to deliver 85 watts per panel and 12.5 percent efficiency. Abound has been in discussions with potential buyers over the last several months, but ended negotiations when the involved parties were unable to come to an agreement on terms, the company said.
Abound says its funding has come from $300 million in private investment and $70 million from a DOE loan guarantee program. Abound had used $70 million of the awarded $400 million DOE loan guarantee for construction of solar panel manufacturing lines in Colorado. Abound says it has not drawn down any further DOE funds since August of 2011 when the DOE determined that challenging market conditions in the solar industry did not merit additional funding risk.
Read more financial news