Bankrupt Solar Company Struggled with Faulty Product
But blamed failure on Chinese competition
Seven months after calling themselves the "anti-Solyndra," the Colorado-based solar panel manufacturer Abound Solar announced it was filing for chapter 7 bankruptcy liquidation, arguing that cheap Chinese solar panels flooding the market caused their demise.
"With over $30 billion in reported government subsidies, Chinese panel makers were able to sell below cost and put Abound out of business before we were big enough to pose a real competitive threat to China's rapidly growing market share," according to the prepared congressional testimony by Craig Witsoe, former CEO of Abound.
Abound Solar was given a $400 million loan guarantee by the Energy Department, and drew on about $70 million dollars of the guarantee before DOE cut them off in September 2011 — the same month the Solyndra scandal began.