More Green Energy Layoffs: Colorado Solar Firm Cuts Workforce in Half
By MATTHEW MOSK (@mattmosk)
Feb. 29, 2012
Another recipient of Energy Department loan funds has run into financial trouble.
Colorado-based Abound Solar announced this week it has been forced to lay off 180 of its 400 workers as it tries to retool to produce a more efficient type of solar panel in order to keep a technological edge on Chinese manufacturers who are flooding the market with less expensive models. Abound received approval in 2010 for a $400 million government loan.
"As you know the solar market has been extremely difficult for all manufacturers," said Craig Witsoe, the CEO of Abound Solar, in an interview with ABC News on Wednesday. "To continue to make the panel we make today, to have to sell it below cost, it's a tough environment to operate in."
And the US is looking to Obama to fix the economy and bring down gas prices :roll: