After receiving $400 million in federal loans, the Abound Solar company announced Wednesday that it will lay off 280 workers and delay the building of a new factory.
The Denver Post reports:
The layoffs represent 180 full-time workers and, according to the Longmont Times-Call, an additional 100 part-time employees.
That is about a 70 percent reduction in Abound’s Colorado workforce.
“We are facing tough market conditions and falling prices,” said Steve Abely, Abound’s chief financial officer.
Abound will take six to nine months to install new equipment and develop a solar panel that will be 20 percent more efficient and more cost competitive, the company said.