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Abound Solar Announces Plan to Accelerate Production of Its Next Generation High-Efficiency Modules

Date Announced: 28 Feb 2012

Company to stop making first-gen module, with loss of 180 jobs temporarily

LOVELAND, Colo.--(BUSINESS WIRE)--Abound Solar, a leading manufacturer of thin-film cadmium telluride photovoltaic modules, today announced that the company will cease production of its first-generation solar module in order to accelerate the manufacturing process and equipment changes needed for the production launch of its next generation high-efficiency module.

Abound Solar’s new high efficiency “AB2” 85 watt module represents a 12.5 percent solar efficiency as verified by the U.S. Department of Energy’s National Renewable Energy Lab (NREL). Several-hundred AB2 modules were produced in early January 2012 on commercial production equipment.

The suspension of first generation module production will result in the temporary reduction of approximately 180 permanent jobs from its Colorado facilities. Once manufacturing equipment has been modified and performance tested, Abound Solar expects to resume mass production with a 12.5-13 percent efficiency module by the end of 2012.

“While this is a difficult move with regards to temporarily reducing our workforce, we know that accelerating the introduction of our next generation module will bring significant benefits to our customers and allow us to create even more jobs in the future,” said Craig Witsoe, president and CEO of Abound Solar.

“Current market conditions are challenging for all U.S. solar manufacturers, but the long-term winners will be manufacturers of the lowest cost per watt, most reliable systems. By focusing our resources to accelerate scale-up of our next generation high efficiency technology, we will sustainably lower total system costs for our customers, increase our own profitability and grow U.S. jobs and energy security.”

Source: Abound Solar

Contact

Abound Solar
Steve Abely, Chief Financial Officer
+1 970-619-5340

E-mail: via web site

Web Site: www.abound.com

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