Abound Solar, which has raised approximately $200 million in venture capital over the past three years, is expected to use $100 million of the loan 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 in the construction of a larger manufacturing facility in Tipton, Indiana. When both plants are fully functional, Abound Solar will be able to produce more than 840 megawatts of solar modules annually.
Tom Tiller, Abound Solar President and CEO, says 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. 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.”
Abound Solar CFO Steve Abely adds, “The company received broad support of its application from customers, suppliers, and political representatives. 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.”