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Funds will help company expand to meet growing demand for solar modules
Abound Solar, a manufacturer of low-cost, cadmium telluride, thin-film photovoltaic solar modules, today announced that the U.S. Department of Energy (DOE) has offered a conditional commitment to the company for a $400 million, seven-year loan guarantee to expand its solar module manufacturing capabilities. Abound Solar will use the DOE funds to increase production of its thin-film photovoltaic modules at an existing manufacturing plant and to establish a second manufacturing plant that will create more than 1,200 high-tech jobs in Colorado and Indiana, while driving down the cost of solar power for its United States and international customers.
Abound Solar has raised approximately $200 million in venture capital and private equity since 2007, built its first production line in Longmont, Colo. and begun commercial operations. Abound anticipates using $100 million of the loan proceeds to increase the capacity of its existing Longmont facility to 200 megawatts per year by the end of 2011. The company plans to invest the balance of the guaranteed loan to support the construction of a larger manufacturing facility in Tipton, Ind. When both plants are complete, Abound Solar will be able to produce more than 840 megawatts of solar modules annually.
"The DOE loan guarantee program is essential to helping companies like Abound Solar scale-up innovations in photovoltaic manufacturing that are critical to reducing the cost of alternative energy," said Tom Tiller, Abound Solar President and CEO. "When Abound opened its first manufacturing plant in 2009, we committed to providing high-performing, lower-cost modules to our customers; DOE is helping us keep that promise. The proceeds of this loan will build on the momentum we have already established and confidently expand our operations."
"The company received broad support of its application from customers, suppliers, and political representatives," said Steve Abely, Abound Solar CFO. "State and Local representatives from both Colorado and Indiana were particularly instrumental in our efforts to secure the loan guarantee to create more high-paying jobs in America, and ensure that our nation will continue to be a global driver of renewable, affordable and abundant solar energy."
About Abound Solar
Abound Solar is a leading manufacturer of next-generation, cadmium telluride thin-film photovoltaic modules. Built upon 15 years of development at Colorado State University and with support from the National Renewable Energy Laboratory, Abound Solar is producing solar modules that significantly reduce the cost of generating solar electricity using a robust, commercial-scale, continuous manufacturing process.
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