To Be Sold To The Highest Bidder: Abound Solar Equipment Goes To Auction
Equipment from bankrupt Loveland based Abound Solar is set to be auctioned off September 18th. Once a rising star in the solar industry, the company built solar energy panels and was backed by $70 million of Department of Energy loans.
Abound Solar executives say the company was destined for failure due to competition from extremely low cost Chinese solar panels, which are heavily subsidized.
Speaking to a US House Subcommittee in July, Abound CEO Craig Witsoe said the large subsidies forced his company into bankruptcy.
“China had dropped prices even below their own cost, that we were unable to compete in that environment. And we certainly never expected prices to fall that fast, or that far.”
Originally a product of Colorado State University, the company was at the forefront of developing 'thin-film' solar voltaic energy panels.
Equipment from Abound’s facilities in Longmont, Fort Collins and Loveland will be auctioned on-line starting next week by Great American Group, an auction and liquidation company based in California.
According to the Denver Business Journal, a federal judge overseeing Abound’s bankruptcy approved the auction. Proceeds will be used to settle company debts.