Another Solargate Failure; Abound Solar Shuts Down Production

Abound Solar on Tuesday cut 280 jobs -70 percent of the workers - at the company's production facility in Longmont, Colorado. The company had been running three shifts right up to the layoff announcement. Supposedly the company will resume production in six to nine month after it has retooled its production line. What the hell kind of a company needs six to nine months to retool? A company with a DOA loan from DOE that is who. So far Abound has drawn about $70 million of its $400 million guaranteed loan. According to chief financial officer Steve Abely the DOE is standing firm in its support. "They understand what's going on," Abely said. "They're very supportive of the company and its technology."