Abound Solar, recipient of a $400 million federal loan guarantee, laying off 70% of workforce!

In July 2010, Abound received a $400 federal loan guarantee from the same
Department of Energy program that financed Solyndra, a California panel maker
that went bankrupt.

Taxpayers are responsible for covering Solyndra's $535 million loan.

Abound has used $70 million of its loan guarantee and will not be able to use
any more until it again begins production and hiring, Abely said.

"Solyndra cells were never cost competitive," Abely said. "We are
competitive."

The aim is to begin rehiring workers toward the end of the year in Longmont,
Abely said.

The biggest part of Abound's guarantee is for a new plant in Tipton, Ind.,
that was slated to have 1,200 workers.

Initially, Abound said the plant would start operation at the end of 2012,
but the company said in a statement that it would have an "update" on the
facility in the middle of 2013.