Seven months after calling themselves the “anti-Solyndra,” the Colorado-based solar panel manufacturer Abound Solar announced it was filing for chapter 7 bankruptcy liquidation, arguing that cheap Chinese solar panels flooding the market caused their demise.

“With over $30 billion in reported government subsidies, Chinese panel makers were able to sell below cost and put Abound out of business before we were big enough to pose a real competitive threat to China’s rapidly growing market share,” according to the prepared congressional testimony by Craig Witsoe, former CEO of Abound.

Abound Solar was given a $400 million loan guarantee by the Energy Department, and drew on about $70 million dollars of the guarantee before DOE cut them off in September 2011 — the same month the Solyndra scandal began.

After the massive failure of the solar panel manufacturer Solyndra, Energy Department loan guarantees came under increased media and congressional scrutiny. Other loan recipients felt the public pressure as well.

Internal documentation and testimony from sources within Abound show that the company was selling a faulty, underperforming product, and may have mislead lenders at one point in order to keep itself afloat.

“Our solar modules worked as long as you didn’t put them in the sun,” an internal source told The Daily Caller News Foundation.

The company knew its panels were faulty prior to obtaining taxpayer dollars, according to sources, but kept pushing product out the door in order to meet Department of Energy goals required for their $400 million loan guarantee.

Read more: http://dailycaller.com/2012/10/02/sources-documents-suggest-government-subsidized-abound-solar-was-selling-faulty-product/#ixzz28FDUvMKn