Beyond Solyndra? Another Bankruptcy

June 28, 2012

WASHINGTON, DC - House Energy and Commerce Committee Chairman Fred Upton and Subcommittee on Oversight and Investigations Subcommittee Chairman Cliff Stearns expressed concern today with the news of another DOE loan guarantee recipient announcing bankruptcy. Abound Solar’s bankruptcy announcement comes just days after the Obama Department of Energy released an astonishing piece of propaganda entitled “Beyond Solyndra” to validate their massive federal efforts.  Abound Solar, which was awarded a $400 million loan guarantee in December 2010, is the latest in a string of bankruptcies that has plagued recipients of DOE funding.

Chairmen Upton and Stearns released the following statement:

"Today we learned the harsh truth of what really lies Beyond Solndra - and sadly it is another bankruptcy. Abound is just the latest reminder that President Obama’s stimulus has failed. First Solyndra, then Beacon Power, Ener1, and now Abound - the bankruptcies are piling up, confirming the prophecy of President Obama who warned in his State of the Union address that “some companies fail.” But the question remains - why invest in risky bets like Solyndra in the first place, especially when administration experts are warning that they are doomed for failure?"

Unfortunately, in addition to Abound Solar, the Obama Department of Energy’s record is littered with failure:

  • 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 ??

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