Abound Solar was negotiating for financing until the day before it announced bankruptcy, but could not compete with the plunging prices of Chinese solar panels, former company executives said yesterday during a Congressional hearing, the Denver Post reported yesterday. Executives of the defunct Loveland, Colo.-based company and U.S. Department of Energy officials appeared before the House Committee on Oversight and Reform. Abound, which had received a $400 million DOE loan guarantee, filed for bankruptcy July 2. Abound had spent about $70 million of its guarantee. After liquidation, taxpayers may be left with a $40 million to $60 million bill, according to the DOE. Read more.
