- About Us
- Nano-Social Network
- Nano Consulting
- My Account
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.
For more information, please click here
Mark Chen, +1 202 365 7220
Copyright © Business WireIf 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.
|Related News Press|
News and information
ANU invention to inspire new night-vision specs December 7th, 2016
Ultra-thin ferroelectric material for next-generation electronics October 12th, 2016
Leading Advanced Materials Manufacturer Pixelligent Closes $10.4 Million in Funding: Capital Will Boost Capacity for North American Manufacturing, Drive Asian Expansion, and Continue Innovation in Solid State Lighting and OLED Display Applications August 16th, 2016
Strength of hair inspires new materials for body armor January 18th, 2017
Self-assembling particles brighten future of LED lighting January 18th, 2017
Nanoscale view of energy storage January 16th, 2017
Nanoscale 'conversations' create complex, multi-layered structures: New technique leverages controlled interactions across surfaces to create self-assembled materials with unprecedented complexity December 22nd, 2016
Going green with nanotechnology December 21st, 2016