Another solar company that received taxpayer support before going bankrupt is facing tough questions from Congress and a criminal investigation — following in the footsteps of solar-panel firm Solyndra.
The company facing scrutiny is Abound Solar, based in Longmont, Colo. Colorado’s Weld County has launched a securities fraud investigation following allegations that Abound may have misled investors and a bank before securing funds.
“Our goal is if crimes were committed to make sure individuals are held accountable,” said Weld County District Attorney Ken Buck.
It’s a stunning turnaround for a company that appeared to be on a roll. In December of 2010, Abound had just secured a $400 million federal loan guarantee. Like Solyndra’s more than $500 million loan, it was part of President Obama’s green energy stimulus program.