Abound Solar secures USD$400 million loan

The three year old company is looking to employ its thin film solar panel technology via its 800,000 square feet (approximately 74,300 square meters) factory in Tipton, Indiana. The Indiana facility is expected to create 1,000 new jobs, mostly on the production line. The jobs that will be created due to the expansion of the Longmont facility are expected to be largely in production as well according to Abound Solar’s CEO Tom Tiller during a joint teleconference with Energy Secretary Steven Chu.

The repayment time of the loan will be seven years according to reports. Approximately 95 percent of Abound Solar’s production is slated to be shipped overseas for use in commerical and utility based projects. Chu is quoted as saying, "Pioneering projects like this are what will help the U.S. recapture the lead when it comes to supporting innovation in the global clean-energy economy".

Abound Solar has been working with the Colorado State University on its thin film technology.