Another government-blessed green energy company bites the dust

http://twitter.com/#!/iowahawkblog/status/218471972584169472

Colorado-based Abound Solar is just the latest in a long line of green energy companies that have gone belly-up after receiving millions of dollars in taxpayer money.

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.

Abound borrowed about $70 million against the guarantee, the Loveland, Colorado-based company said today in a statement. It plans to file for bankruptcy protection in Wilmington, Delaware, next week.

…

“We know why they went bankrupt. We warned them they would go bankrupt,” [Cliff] Stearns, a Florida Republican [and chairman of the House Energy and Commerce Committee’s oversight panel], told reporters today. “The larger question is why the administration was pursuing a green-energy policy in which companies are going bankrupt and wasting taxpayer money.”

That’s a really good question. Inquiring minds want to know.

Iowahawk was kind enough to tweet out a list of green energy companies that are helping to put taxpayers into the red:

Solyndra. Ener1. Abound Solar. Brightsource. Ecotality. SunPower. Beacon Power. Solar Trust. A123 Solar. #ObamaGreenEnergyGraveyard

— David Burge (@iowahawkblog) June 28, 2012

LSP Energy. Energy Conservation Devices. Unisolar. Azure Dynamics. Evergreen Solar. Fisker (pending) #ObamaGreenEnergyGraveyard

— David Burge (@iowahawkblog) June 28, 2012

SprectraWatt. Olsen's Mills. Mountain Plaza. EnerDel. Mascoma. #ObamaGreenEnergyGraveyard

— David Burge (@iowahawkblog) June 28, 2012

Oof. That graveyard’s getting pretty full.