Nanotechnology Now

Our NanoNews Digest Sponsors


Heifer International

Wikipedia Affiliate Button

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

Pixel-array quantum cascade detector paves the way for portable thermal imaging devices: Research team from TU-Wien Center for Micro- and Nanostructures have developed a new 'cooler' sensing instrument thereby increasing energy-efficiency and enhancing mobility for diagnostic tes July 28th, 2016

Dirty to drinkable: Engineers develop novel hybrid nanomaterials to transform water July 28th, 2016

Thomas Swan and NGI announce unique partnership July 28th, 2016

Penn team uses nanoparticles to break up plaque and prevent cavities July 28th, 2016

Thin films

Cambridge Advanced Imaging Centre praises support film consistency and quality from EM Resolutions July 5th, 2016

Novel capping strategy improves stability of perovskite nanocrystals: Study addresses instability issues with organometal-halide perovskites, a promising class of materials for solar cells, LEDs, and other applications June 13th, 2016

New nanomaterial offers promise in bendable, wearable electronic devices: Electroplated polymer makes transparent, highly conductive, ultrathin film June 13th, 2016

Perovskite solar cells surpass 20 percent efficiency: EPFL researchers are pushing the limits of perovskite solar cell performance by exploring the best way to grow these crystals June 13th, 2016

Jobs

SUNY Poly Welcomes DPS as the Global Engineering Firm Opens Its U.S. Advanced Technology Group Headquarters at Cutting-Edge ZEN Building November 20th, 2015

SUNY Poly CNSE Announces Milestone as M+W Group Opens U.S. Headquarters at Albany Nanotech Complex and Research Alliance Begins $105M Solar Power Initiative October 20th, 2015

Global Engineering Firm DPS to Establish U.S. Advanced Technology Group Headquarters at SUNY Poly CNSE and Create 56 New Jobs Under STARTUP-NY Initiative October 6th, 2015

SUNY Poly Announces Joint Development Agreement with INFICON to Establish Cutting Edge R&D Partnership Supporting New York State’s Rapidly Expanding Nanoelectronics Industry September 23rd, 2015

Govt.-Legislation/Regulation/Funding/Policy

Thomas Swan and NGI announce unique partnership July 28th, 2016

Penn team uses nanoparticles to break up plaque and prevent cavities July 28th, 2016

Beating the heat a challenge at the nanoscale: Rice University scientists detect thermal boundary that hinders ultracold experiments July 28th, 2016

Enhancing molecular imaging with light: New technology platform increases spectroscopic resolution by 4 fold July 27th, 2016

Announcements

Pixel-array quantum cascade detector paves the way for portable thermal imaging devices: Research team from TU-Wien Center for Micro- and Nanostructures have developed a new 'cooler' sensing instrument thereby increasing energy-efficiency and enhancing mobility for diagnostic tes July 28th, 2016

Dirty to drinkable: Engineers develop novel hybrid nanomaterials to transform water July 28th, 2016

Thomas Swan and NGI announce unique partnership July 28th, 2016

Penn team uses nanoparticles to break up plaque and prevent cavities July 28th, 2016

Energy

New nontoxic process promises larger ultrathin sheets of 2-D nanomaterials July 27th, 2016

Designing climate-friendly concrete, from the nanoscale up: New understanding of concrete’s properties could increase lifetime of the building material, decrease emissions July 25th, 2016

An accelerated pipeline to open materials research: ORNL workflow system unites imaging, algorithms, and HPC to advance materials discovery and design July 24th, 2016

Researchers discover key mechanism for producing solar cells: Better understanding of perovskite solar cells could boost widespread use July 21st, 2016

Solar/Photovoltaic

New nontoxic process promises larger ultrathin sheets of 2-D nanomaterials July 27th, 2016

An accelerated pipeline to open materials research: ORNL workflow system unites imaging, algorithms, and HPC to advance materials discovery and design July 24th, 2016

Researchers discover key mechanism for producing solar cells: Better understanding of perovskite solar cells could boost widespread use July 21st, 2016

The future of perovskite solar cells has just got brighter -- come rain or shine: Korean researchers at POSTECH have succeeded in developing high-efficiency perovskite solar cells that retain excellent performance over two months in a very humid condition July 21st, 2016

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







Car Brands
Buy website traffic