Exactly two years ago, during his weekly address to the nation, President Obama proudly announced that his administration was awarding Abound Solar a $400 million stimulus loan guarantee. The announcement, in the midst of the Obama administration’s much hyped “Recovery Summer," was part of the president’s address entitled, “A Solar Recovery." Fast forward to today, the stimulus failed to create the jobs that were promised, the nation is in the midst of 40 consecutive months of higher than eight percent unemployment, and Abound Solar sadly joins the growing list of Obama administration stimulus busts. Abound Solar formally filed to liquidate in Chapter 7 bankruptcy yesterday in a Delaware Court. Abound’s bankruptcy comes on the heels of the Obama Department of Energy’s release of an astonishing piece of propaganda entitled “Beyond Solyndra" in an attempt to validate their massive federal green jobs spending efforts. Unfortunately, we now know the answer to what’s “Beyond Solyndra" - bankruptcy.
Watch President Obama Announce Abound’s Loan Guarantee HERE
Unfortunately, Abound Solar joins the growing list of the Obama Department of Energy’s stimulus failures:
• Abound Solar - The solar manufacturer received a $400 million DOE stimulus loan guarantee - BANKRUPT
• Solyndra - The solar manufacturer received a $535 million DOE stimulus loan guarantee - BANKRUPT
• Beacon Power - The solar company received a $43 million DOE stimulus loan guarantee - BANKRUPT
• Ener1 - The battery maker, #67 on the White House list of 100 Projects that are Changing America, received a $118.5 million stimulus grant - BANKRUPT
• A123 - The battery maker received a $249 million DOE stimulus grant - LAYOFFS
• Fisker Automotive - The electric vehicle manufacturer received a $529 million DOE ATVM stimulus loan - LAYOFFS
