Investigation opened into Abound Solar

Abound Solar, the now-bankrupt solar panel manufacturer in Colorado that received a $400 million loan guarantee from the U.S. Department of Energy (DOE) in 2010, is now under investigation by the Weld County District Attorney for financial misrepresentations and consumer fraud.

The House Energy and Commerce Committee also started an investigation into what the DOE knew about Abound’s manufacturing issues during the loan guarantee process. Reps. Cory Gardner (R-Colo.), committee Chairman Fred Upton (R-Mich) and Oversight and Investigations Subcommittee Chairman Cliff Stearns (R-Fla). Sent a letter to Energy Secretary Steven Chu asking what the DOE knew about Abound’s issues prior to dispersing $70 million of the loan.

The DA’s office said no criminal charges have been filed, but confirmed in a press release that an investigation is underway.

Abound filed for bankruptcy in June.

Read more financial news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...