Nanotechnology Now







Heifer International

Wikipedia Affiliate Button


DHgate

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

New method allows for greater variation in band gap tunability: The method can change a material's electronic band gap by up to 200 percent January 31st, 2015

Evidence mounts for quantum criticality theory: Findings bolster theory that quantum fluctuations drive strange electronic phenomena January 30th, 2015

Everything You Need To Know About Nanopesticides January 30th, 2015

DNA nanoswitches reveal how life's molecules connect: An accessible new way to study molecular interactions could lower cost and time associated with discovering new drugs January 30th, 2015

Thin films

Los Alamos Develops New Technique for Growing High-Efficiency Perovskite Solar Cells: Researchersí crystal-production insights resolve manufacturing difficulty January 29th, 2015

Detecting chemical weapons with a color-changing film January 28th, 2015

Electronic circuits with reconfigurable pathways closer to reality January 26th, 2015

New Molecular Beam Epitaxy deposition equipment at the ICN2 January 22nd, 2015

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

Evidence mounts for quantum criticality theory: Findings bolster theory that quantum fluctuations drive strange electronic phenomena January 30th, 2015

Nanoscale Mirrored Cavities Amplify, Connect Quantum Memories: Advance could lead to quantum computing and the secure transfer of information over long-distance fiber optic networks January 28th, 2015

Detecting chemical weapons with a color-changing film January 28th, 2015

'Bulletproof' battery: Kevlar membrane for safer, thinner lithium rechargeables January 28th, 2015

Announcements

New method allows for greater variation in band gap tunability: The method can change a material's electronic band gap by up to 200 percent January 31st, 2015

Evidence mounts for quantum criticality theory: Findings bolster theory that quantum fluctuations drive strange electronic phenomena January 30th, 2015

Everything You Need To Know About Nanopesticides January 30th, 2015

DNA nanoswitches reveal how life's molecules connect: An accessible new way to study molecular interactions could lower cost and time associated with discovering new drugs January 30th, 2015

Energy

New method allows for greater variation in band gap tunability: The method can change a material's electronic band gap by up to 200 percent January 31st, 2015

Crystal light: New light-converting materials point to cheaper, more efficient solar power: University of Toronto engineers study first single crystal perovskites for new solar cell and LED applications January 30th, 2015

Los Alamos Develops New Technique for Growing High-Efficiency Perovskite Solar Cells: Researchersí crystal-production insights resolve manufacturing difficulty January 29th, 2015

Carbon nanoballs can greatly contribute to sustainable energy supply January 27th, 2015

Solar/Photovoltaic

New method allows for greater variation in band gap tunability: The method can change a material's electronic band gap by up to 200 percent January 31st, 2015

Crystal light: New light-converting materials point to cheaper, more efficient solar power: University of Toronto engineers study first single crystal perovskites for new solar cell and LED applications January 30th, 2015

Los Alamos Develops New Technique for Growing High-Efficiency Perovskite Solar Cells: Researchersí crystal-production insights resolve manufacturing difficulty January 29th, 2015

Visualizing interacting electrons in a molecule: Scientists at Aalto University and the University of Zurich have succeeded in directly imaging how electrons interact within a single molecule January 26th, 2015

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 1999-2015 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE