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Another Solyndra? Third Bankrupt ‘Green’ Energy Company Comes Under Congressional Scrutiny

Oct. 12, 2012 3:26pm Becket Adams

Stop us if you’ve heard this one before: A “green” energy company is awarded millions of dollars in loan guarantees by the Obama administration and then files for bankruptcy.

Sound familiar, right? It should. It’s already happened to two other solar energy companies (Solyndra being the most famous) and Abound Solar is simply the latest, according to a recent Fox News report.

And much like Solyndra, House lawmakers are asking whether the Obama administration knew of any serious financial risks before agreeing to give Abound stimulus money.

“Abound is the third company that has received a DOE loan to go bankrupt,” the House Committee on Energy and Commerce told Energy Secretary Steven Chu in a letter yesterday. “The committee seeks to better understand what DOE knew about problems with Abound’s solar panels prior to finalizing its $400 million loan guarantee.”

Now, to be fair, the DOE did freeze all funds to Abound nine months after the agreement — but not before the solar panel company had taken $70 million taxpayer dollars.

Citing competition from China (or “headwinds,” if you’re President Obama), Abound filed for bankruptcy earlier this year:

“The letter from Congress was sent as the Weld County District Attorney’s Office in Colorado confirmed to FoxNews.com it is conducting a criminal investigation into Abound,” Fox News reports.

Lawmaker’s inquiries to Secretary Chu come on the heels of a Daily Caller report that revealed Abound’s panels were defective and that the company “may have misled lenders at one point” in order to keep their doors open.

“Recent reports and publicly available documents indicate that persistent technological problems contributed to Abound’s inability to remain commercially viable and ultimately, its bankruptcy,” said the three-page letter, signed by committee Chairman Rep. Fred Upton (R-Mich.), and Reps. Cliff Stearns (R-Fla.) and Cory Gardner (R-Colo.).

The letter also cites a review made before the loan guarantee was awarded that found Abound’s solar panels “were losing output the more they were exposed to sunlight,” which, when you think about it, makes them pretty much the worst solar panels in the world.

The letter states:

While documents prepared at the time DOE awarded a conditional commitment to Abound do not mention any technological problems, an engineering report submitted to DOE just two months before DOE closed Abound’s $400 million loan guarantee indicate that Abound’s panels were already experiencing significant efficiency and technological difficulties.

The committees has requested Secretary Chu turn over all analyses, engineer reports, and any other documents pertaining to the Abound Solar.

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Comments (90)

noslave
Posted on October 12, 2012 at 7:50pm
its all a progressives scam lend hundreds of millions to pals,they go bankrupt,somehow money disapears,like billions in stimilus money lost or misplaced,and most likely it will reapear as kick-backsto obama and crew as the unions do to obamas re-election war chest,it not hard to understand politicians arnt in the game because their mother theresas,its the easy money they can line their pocketswith dollars lifted from the CASHCOWS?(taxpayers who they constantly milk?)

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- TEARS FOR AMERICA
  Posted on October 13, 2012 at 12:55pm
  That is what a lot of Americans are coming to believe…sink money in companies that go bankrupt and then the money is somehow funnelled to the thugocracy…all of it is suspect…
  
  Report this comment
- VinnieSquawker
  Posted on October 13, 2012 at 9:01pm
  It’s all about wasting money. Three? Try like 8. As Larry Summers emailed before he bailed as the kid’s economic advisor,”The government is a crappy venture capitalist.”
  
  Solyndra, Ener1, Beacon Power, Abound Solar, Amonix Solar, Spectra Watt, Eastern Energy, and now this. All funded with taxpayer dollars. All bankrupt. As Romney said, “Some people invest in winners and losers. You invest in losers.”
  
  Report this comment
Salamander
Posted on October 12, 2012 at 7:08pm
Clearly, OUR GOVERNMENT has too much money and too much time on its hands! Time for tax reductions and time for new blood! This election needs to result in more turnover than ever before!

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Individualism
Posted on October 12, 2012 at 6:02pm
How about a bailout for the people and not the bankers and corporations otherwise we should crystal night them for stealing our tax money.

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- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 6:15pm
  How about we vote for Gary Johnson so the Marxist POS gets another four years?!?!!!
  
  Report this comment
- damon_k
  Posted on October 12, 2012 at 6:23pm
  Obama didn’t tell us that the “green jobs” he was creating were all going to his donors and bundlers. Read political commentary at: http://smallcraftadvisorychronicles.blogspot.com/
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 6:35pm
  DAMON: Have you ever considered actually purchasing some advertising space instead of mooching off The Blaze?
  
  Report this comment
- The-Monk
  Posted on October 12, 2012 at 10:06pm
  @2MINUTESTOMIDNIGHT,
  
  My sentiments exactly…..
  
  Report this comment
Captain_America
Posted on October 12, 2012 at 5:45pm
What we want to know is exactly where all our hundreds of billions of tax dollars went and to which Obama donors and bundlers bagged the money in order to kick it back to the Obama campaign and the DNC which would be a massive federal crime.

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- DSTSS2010
  Posted on October 12, 2012 at 5:59pm
  I smell “Executive Privilege” in the air.
  
  Report this comment
- Exrepublisheep
  Posted on October 12, 2012 at 6:02pm
  If it was true, sure.
  
  Report this comment
blackyb
Posted on October 12, 2012 at 5:29pm
Obama is no more a citizen of this country than Hugo Chavez.

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Ralphy159
Posted on October 12, 2012 at 5:18pm
And that $40million will go a long way toward supporting the 1,500 unemployed so the rate doesn’t go up.

These lib dolt sin fact do think the daily show is real news! it explains their extreme ignorance

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blackyb
Posted on October 12, 2012 at 5:14pm
Obama is using these companies to bankrupt America. He cares nothing about the “green” energy. It is about giving out the money for what he can make it look like some legal cause. Obama is simply out to break the country. He does even care about the distribution of wealth, it is the bankrupting of this country and the weakening thereof he is after.

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- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 5:30pm
  I believe the POS has a double intent:
  
  1. How can I benefit from this?
  2. How can I damage the USA and bring it down to a third world level?
  
  His anticolonialist doctrine is alive and well, but his selfish arrogance cannot go overlooked.
  
  Report this comment
AJAYW
Posted on October 12, 2012 at 4:56pm
This money is being funneled someplace.

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- ShootStraight
  Posted on October 12, 2012 at 7:05pm
  Probably back into his campaign.
  
  Report this comment
grams09
Posted on October 12, 2012 at 4:37pm
That would have paid for a lot of security in Libya.

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- RepubliCorp
  Posted on October 12, 2012 at 5:39pm
  It would keep big bird in seed
  
  Report this comment
Small World
Posted on October 12, 2012 at 4:34pm
Just plain criminal.

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Anonymous T. Irrelevant
Posted on October 12, 2012 at 4:13pm
That’s what happens when you try to pick winners and losers. Solar and wind energy just do not provide a ROI. They are not feasible enough to compete with oil, nuclear, and coal, yet. This Administration just will not accept that. Give innovation time, don’t rush it and waste money. How many billions were wasted on the Chevy Volt? Nissan and Toyota seem to be going in the right direction.

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- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 4:20pm
  The administration couldn’t give a rat’s hairy ass about green energy and whether or not it works. These programs are purely designed to funnel money to cronies and donors, and if I were betting, right into BO’s personal account.
  
  Report this comment
- 13th Imam
  Posted on October 12, 2012 at 4:34pm
  What was the name of the Obama bundler that funneled cash back to the Barry campaign.?
  
  Report this comment
- 762x51
  Posted on October 12, 2012 at 4:43pm
  13th – The Obama bundler in this case – Abound, is Pat Stryker a known anti-American and enemy of the United States.
  
  Report this comment
girlnurse
Posted on October 12, 2012 at 3:59pm
Can we please write this lIST down and hammer it home at any and ALL debates!!!?? This HUGE wste of taxpayer dollars should be mentioned MANY times!

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- toiletclogga
  Posted on October 12, 2012 at 4:08pm
  The Pet Rock ,the Slinky, Ginsu knives, The Vegiematic, a kid’s lemonade stand. What do all these things have in common?
  
  They’ve made more money than any of Obama’s taxpayer funded “investments!”
  
  Report this comment
- girlnurse
  Posted on October 12, 2012 at 4:15pm
  You forgot the Chia pet:)
  
  Report this comment
- CWPrequired
  Posted on October 12, 2012 at 4:17pm
  You forgot Chia Pets.
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 4:59pm
  There was a Chia Head commercial on Fox last night. You can now select the Romney head or the POS Obama head. Considering Romney does not look good in a fro, I for one, am passing on both.
  
  Report this comment
- Navyguy62
  Posted on October 12, 2012 at 5:05pm
  You also forgot about the Sledge-o-matic. Gallagher has created more jobs and made more money with that act then these jokers have in four years…
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 5:12pm
  The Sledge-O-Matic also created jobs in the plastic covering industry.
  
  Report this comment
Mudd
Posted on October 12, 2012 at 3:56pm
Perhaps the government would like to invest in my perpetual motion machine company. We’re still in the planning stages, we have a lot of work ahead of us and most people (flat earthers) agree it will never work but it SOUNDS like such a good idea, how could we not drop a few hundred million into it. Just think of the implications if it works and ignore the trillion to one odds that it won’t.

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tomacz
Posted on October 12, 2012 at 3:54pm
serious energy aka republic windows & doors aka serious materials in chicago,,,ground zero of the democrat beehive,serious got coverage by rachel maddow in 09;10 praisedem to bejesus ( sorry Boss) for getting 55,000,000 (direct stimulus cash? tax breaks.????),,republic in 06, had ( 500 workers)
went bankrupt,(twice in 2 years),laid off 250 in 04-5,,as serious materials,no more than 20 workers were recalled,,this co closed doors in 12 july.

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term limits for congress
Posted on October 12, 2012 at 3:46pm
If only the wealthy would pay their fair share, we would have enough money to redistribute tax dollars to our democrat donors.

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- EtchASketch
  Posted on October 12, 2012 at 3:50pm
  The wealthy are soft.
  
  Report this comment
- Cavallo
  Posted on October 12, 2012 at 3:54pm
  I’m thinking a good get rich quick scam would be to start one of these “Green Energy” companies and get hundreds of millions of tax dollars then shut down and sell of the the plant and equipment to the next guy for his tax dollar scheme.
  
  Report this comment
- QuincySmith
  Posted on October 12, 2012 at 3:58pm
  etchasketch is soft (in the head)!
  
  Report this comment
- NikolaTesla
  Posted on October 12, 2012 at 5:22pm
  ETCHASKETCH is proof liberals evolved from Trolls.
  
  Report this comment
MeteoricLimbo
Posted on October 12, 2012 at 3:43pm
The green movement has brown rot. I honestly think you could sell them on great big electric fans (painted green of course) parked in front of wind generators to power the wind generators. Oh and of course the big fans would be solar powered.

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AvengerK
Posted on October 12, 2012 at 3:42pm
File under “ammunition at Tuesday’s debate”.

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ginger100
Posted on October 12, 2012 at 3:41pm
Ha ha ha ha ha ha ha we didn’t get any intel that they were a bad investment

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toiletclogga
Posted on October 12, 2012 at 3:39pm
You have to love these “investments” Barack Obama has made for the American people. Only a Democrat can refer to taxpayer giveaways as “investments.” I don’t like America’s investments, or it’s investment banker.

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EtchASketch
Posted on October 12, 2012 at 3:37pm
Why do conservatives hate the sun?

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- huey6367
  Posted on October 12, 2012 at 3:44pm
  we love the sun. We hate liars
  
  Report this comment
- EtchASketch
  Posted on October 12, 2012 at 3:50pm
  You jar heads have the worst sense of humor.
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 3:51pm
  EtchASketch: Why do you hate freedom? Why do you hate capitalism and a free market? Why do you approve of your Marxist god taking MY hard earned money only to hand it over to his cronies and campaign donors?
  
  Report this comment
- phillycornerboy
  Posted on October 12, 2012 at 3:51pm
  “hate the sun”…really? that’s all you got? no wonder your guy is losing. how about an argument in support of investing in failed technology again and again? even the chinese make better panels and they are costly and inefficient. look in the mirror, look at your statements, then look at the facts. you are wrong.
  
  Report this comment
- MeteoricLimbo
  Posted on October 12, 2012 at 3:52pm
  @EtchASketch
  How did you arrive at that all encompassing solution Einstein? Keep in mind that half of a day its dark outside. There isn’t a gigantic battery in Kansas City to store all that sunshine that we hate as you so eloquently put it. Someone needs to shake you up so you can start over EtchASketch
  
  Report this comment
- dublinthewagons
  Posted on October 12, 2012 at 3:53pm
  We love the sun. We hate idiot morons that tell us how to invest our money in poser companies.
  If you are so smart invest your own money idiot.
  
  Report this comment
- EtchASketch
  Posted on October 12, 2012 at 3:57pm
  2MINUTESTOMIDNIGHT: why do you hate education? why to hate yourself? why are conservatives less educated on the issues? why do they say they want more autonomy and then turn around and beg the government for jobs?
  
  PHILLYCORNERBOY: See my jar heads comment, above. WORST sense of humor. Go rinse the starch off.
  
  Report this comment
- dublinthewagons
  Posted on October 12, 2012 at 4:05pm
  Etch: we have a great since of humor. We share our air with the likes of you.
  Without jarheads you wouldn’t be free or even alive. Its obvious you don’t know what a jarhead is.
  
  Report this comment
- dublinthewagons
  Posted on October 12, 2012 at 4:14pm
  Etchasketch: you have wasted your money if for one minute you think you are educated.
  You have learned enough to be a leach on society.
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 4:18pm
  ETCHY: You have proven yourself a delusional fool. Do you sincerely contend that the thoughtless dolts whose brains have been collectively washed by the likes of Al “Happy Ending” Gore are educated? How many of these vile schemes can you sit back and watch before you finally understand the true nature of so-called “green energy”? There is a reason these “companies” fail. Even if they were valid companies and not simply a means for the redistribution of dollars, they would survive if the technology worked. IT DOESN”T. If it is a valid technology worthy of consumer dollars they will pay for it. Quite obviously it is not.
  
  What conservative is asking for a government job? Get the government off my back and let me keep the money I earn. What part of conservative thought have you failed to understand?
  
  Report this comment
- MCON29
  Posted on October 12, 2012 at 4:19pm
  Jarheads? You assume that we are all Marines because we stand for freedom and fiscal responisbility? You are giving me way more respect than I deserve. Never served a day in the military.
  
  Report this comment
- dublinthewagons
  Posted on October 12, 2012 at 4:32pm
  Etchasketch: did you have to beg the government very long for your free cell phone, that we paid for?
  Well its Ben fun arguing with you turd.
  
  Report this comment
- EtchASketch
  Posted on October 12, 2012 at 4:36pm
  Thanks for all the replies! Love to see you all get so riled. It really brings out the terrible spelling! Go T’bags!
  
  Report this comment
- Chromo200
  Posted on October 12, 2012 at 4:38pm
  ETCHASKETCH How much is the Obama Reelection committee paid for these one liners. The difference between conservatives and liberals, that conservatives do disconnect from conservative liars but liberal will do every thing to shield their liars. And before you say Romney lies .. 1 .. list specifics and 2 I have no choice one big liar (Obama) or a possible liar (Romney).
  
  Don’t forget to ask for more money from Obama, you’ve been working overtime.
  
  Report this comment
- AvengerK
  Posted on October 12, 2012 at 4:48pm
  ETCHASTENCH….why do liberals hate tax payers so much?
  
  Report this comment
- The-Monk
  Posted on October 12, 2012 at 5:12pm
  What’s wrong George? Time to clock-out at Media Matters and head home?
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 5:32pm
  Almost correct Monk. The school bell rang – time to put away the crayons and go home to his mothers basement.
  
  Report this comment
- The-Monk
  Posted on October 12, 2012 at 5:57pm
  Hi 2MINUTESTOMIDNIGHT,
  
  Or home to his boyfriend wango…..
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 6:17pm
  Excellent point Monk. I think you are right on that one.
  
  Report this comment
republic2011
Posted on October 12, 2012 at 3:37pm
these are all payoff’s to donors and friends. They all took the money, stuffed their pockets, and took a walk. Now the company is bankrupt and they are long gone. This is criminal activity at its finest.

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- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 4:00pm
  Who can take a guess at how Bathhouse Barry’s Hawaiian Estate is being funded?
  
  Report this comment
- Cavallo
  Posted on October 12, 2012 at 4:01pm
  I think the Mob could sue them for copyright infringement.
  
  Report this comment
- MCON29
  Posted on October 12, 2012 at 4:23pm
  Exactly. Paying off the people that helped them get elected on their awful platform, but Romney will do the same. He will pay off those who gave him the ability to live his life the way he does and get elected President of the FREE world. He will increase funding for our Military.
  
  Report this comment
progressiveslayer
Posted on October 12, 2012 at 3:36pm
How much more can the Marxist mulatto heathen fraud bastard in chief waste before he’s fired on November 6th?

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- PIGSWILLNEVERFLY
  Posted on October 12, 2012 at 3:46pm
  SLAYER – you left our gay muslim
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 3:47pm
  The lying POS Kenyan sock monkey and his puppet Joe “Stand Up Chuck” Biden have successfully convinced a significantly large portion of the uneducated, naive and chronically gullible populace that more and more tax funds are needed to care for the poor and revive the middle class. Bull ****. An ever increasing percentage of the more than “fair” tax dollars I pay into the evil and corrupt system is funneled to Barry’s cronies and donors. Considering the devastation these soulless animals have inflicted on this country there is simply no punishment vile enough to inflict upon them. They literally make me sick.
  
  Report this comment
- Snowleopard {gallery of cat folks}
  Posted on October 12, 2012 at 3:50pm
  More than anyone can imagine.
  
  Report this comment
- progressiveslayer
  Posted on October 12, 2012 at 4:03pm
  2MINUTES Agree 100%. How this community agitator became POTUS is beyond me,I guess there was enough gullible fools out there to inflict him on us. I still maintain the Marxist heathen POS will be defeated because enough people have been burned by the bastard that we’ll be able to over come the tsunami of voter fraud that’s coming. I feel like vomiting on their parasitc faces,they won’t work and expext taxpayers to support them for life,I say F em I’m tired of these parasitic postules on society.
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 4:38pm
  As Ryan proved last night, it is a difficult task to defeat a multi-sided enemy. Not only is Romney in a race against a POS Marxist Mulatto Skinny Assed Son-of-a-White Hating-Whore, he must also overcome a tingly legged media hell bent on seeing their heathen god reelected, voter fraud that will include votes from the dearly departed, multi state voters, union thug forced votes, illegals, fake voters, etc…, lazy assed morons who are entitled to government handouts, free phones, free gas, free housing, free food, free transportation, and a bag of Cool Ranch Doritos. He is also racing against a collective of mindless idiots in the form of a generation who gather their information from pop culture: John Stewart, Stephen Colbert, The View, George Clooney, and Snoop Dog. I pray there are enough sound and reasonable people left in this great country to overcome the odds and remove the son of Iblis and his mooching wife from the white house.
  
  Report this comment
- girlnurse
  Posted on October 12, 2012 at 6:37pm
  A soon as the elction results come in and Oblamma maama is labeled a loser–heis going to be one busy Marxist setting himself up for the outside world! Stashing funds and helping cronies. Wont it be intresting to see who he pardons before he goes? We have been duped for years!
  
  Report this comment
huey6367
Posted on October 12, 2012 at 3:32pm
“Green” the most overused and least understood word in the English language

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- MCON29
  Posted on October 12, 2012 at 3:43pm
  It stands for Money…..free tax dollars
  
  Report this comment
Detroit paperboy
Posted on October 12, 2012 at 3:30pm
90 billion in unicorn energy for Obama donors, but no money for Libya embassy security ???????????

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- phillycornerboy
  Posted on October 12, 2012 at 3:43pm
  excellent…proof of crime and treason in one sentence. yell louder.
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on October 12, 2012 at 5:02pm
  When the POS Kenyan sock monkey is faced with the decision of where to spend our tax money, he simply looks in the mirror and asks himself, “where will this money best serve me?”
  
  Report this comment
HKS
Posted on October 12, 2012 at 3:30pm
I think these solar companies are just cash cows to milk the system of government money. They really don’t work for today’s world.

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