Nanotechnology Now

Our NanoNews Digest Sponsors



Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > Abound Solar Offered $400 Million Conditional Commitment for Loan Guarantee by U.S. Department of Energy

Abstract:
Funds will help company expand to meet growing demand for solar modules

Abound Solar Offered $400 Million Conditional Commitment for Loan Guarantee by U.S. Department of Energy

Loveland, CO | Posted on July 6th, 2010

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.

For more information, please click here

Contacts:
Abound Solar
Mark Chen, +1 202 365 7220

Copyright © Business Wire

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Iranian Experts Clean Uranium-Contaminated Water by Nano-Particles November 23rd, 2014

Novel Method Found for Connection of Metallic Alloys to Polymers November 23rd, 2014

New research project supports internationalisation in nano-research: Launch of new “Baltic Sea Network” November 22nd, 2014

3rd Iran-Proposed Nano Standard Approved by International Standard Organization November 22nd, 2014

Thin films

New way to move atomically thin semiconductors for use in flexible devices November 13th, 2014

Graphene Frontiers Partners with Madico to Accelerate Material Production: Deal to ignite and fulfill demand for industrial scale graphene film that supports energy, consumer electronics, membranes/filtration, solar and other applications November 12th, 2014

New materials for more powerful solar cells: Major breakthrough in solar energy November 11th, 2014

Drexel Engineers Improve Strength, Flexibility of Atom-Thick Films November 11th, 2014

Jobs

Secretary Vilsack Announces Partnership to Advance Commercial Potential of Cellulosic Nanomaterial from Wood December 11th, 2013

Cutting Away at the NRC's Research Capability December 6th, 2013

Project aims to mass-produce 'nanopetals' for sensors, batteries October 22nd, 2013

Governor Cuomo Announces 'Nano Utica' $1.5 Billion Public-Private Investment That Will Make the Mohawk Valley New York's Next Major Hub of Nanotech Research October 12th, 2013

Govt.-Legislation/Regulation/Funding/Policy

New research project supports internationalisation in nano-research: Launch of new “Baltic Sea Network” November 22nd, 2014

3rd Iran-Proposed Nano Standard Approved by International Standard Organization November 22nd, 2014

NMTI announces breakthrough solutions for HAMR nanoantenna for next-generation ultra-high density magnetic storage November 21st, 2014

Quantum mechanical calculations reveal the hidden states of enzyme active sites November 20th, 2014

Announcements

Iranian Experts Clean Uranium-Contaminated Water by Nano-Particles November 23rd, 2014

Novel Method Found for Connection of Metallic Alloys to Polymers November 23rd, 2014

New research project supports internationalisation in nano-research: Launch of new “Baltic Sea Network” November 22nd, 2014

3rd Iran-Proposed Nano Standard Approved by International Standard Organization November 22nd, 2014

Energy

UO-industry collaboration points to improved nanomaterials: University of Oregon microscope puts spotlight on the surface structure of quantum dots for designing new solar devices November 20th, 2014

Eight19 secures £1m funding: Investment to develop production technology, and expand commercial activities for organic photovoltaics November 19th, 2014

Total Nanofiber Solutions Company FibeRio® Launches The Fiber Engine® FX Series Systems with 10X Increase in Output November 18th, 2014

Researchers create & control spin waves, lifting prospects for enhanced info processing November 17th, 2014

Solar/Photovoltaic

UO-industry collaboration points to improved nanomaterials: University of Oregon microscope puts spotlight on the surface structure of quantum dots for designing new solar devices November 20th, 2014

Eight19 secures £1m funding: Investment to develop production technology, and expand commercial activities for organic photovoltaics November 19th, 2014

Graphene/nanotube hybrid benefits flexible solar cells: Rice University labs create novel electrode for dye-sensitized cells November 17th, 2014

New materials for more powerful solar cells: Major breakthrough in solar energy November 11th, 2014

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More












ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE