Rep. Cory Gardner on Obama Administration’s Bad Colorado Bet – Abound Solar Now Subject of Criminal and Congressional Investigations

October 26, 2012

Now-Bankrupt Abound Awarded $400 Million DOE Loan Guarantee from Same Program as Solyndra

Rep. Cory Gardner (R-CO) appeared on Fox News today to discuss the ongoing investigations into Colorado solar panel manufacturer Abound Solar - the now-bankrupt company that was awarded a $400 million loan guarantee from the Department of Energy. Abound Solar, which is located in Gardner’s congressional district, is now under investigation by the Weld County district attorney for financial misrepresentation and consumer fraud. Whistleblowers have come forward and exposed that the company was falsifying documents and failing to disclose product flaws to investors and customers. Describing the problems with Abound’s panels, Gardner quoted a whistleblower employee who stated, “The solar panels worked fine as long as you didn’t put them in the sun.”

The criminal investigation comes on the heels of the Energy and Commerce Committee’s investigation into DOE’s knowledge of Abound’s manufacturing problems during the loan guarantee process. Gardner, along with full committee Chairman Fred Upton (R-MI) and Oversight and Investigations Subcommittee Chairman Cliff Stearns (R-FL), sent a letter to Energy Secretary Chu asking what DOE knew about Abound’s problems prior to finalizing the $400 million loan guarantee and dispersing $70 million in taxpayer funds.

While these investigations are still underway, one thing remains clear – the Obama administration has failed at its game of picking winners and losers. Like Solyndra, Abound is a product of the Department of Energy’s mismanaged loan guarantee program, which has resulted in the loss of hundreds of millions of taxpayer dollars and thousands of jobs.

Watch Rep. Gardner on America’s Newsroom HERE.