In the wake of the biggest oil spill disaster on record, economic recession, and growing concerns about global warming patterns, President Obama announced a $400 million conditional commitment loan to Abound Solar Manufacturing, LLC, to ramp up production of state-of-the-art thin-film solar panels. This will be the first time new manufacturing technology for Cadmium-Telluride panels will be deployed commercially in the world.

Funded by the American Recovery and Reinvestment Act, this project includes two facilities, one in Longmont, Colorado, and the other in Tipton, Indiana. The Indiana facility will make its home in a new building. It was originally constructed for Chrysler auto parts production but has remained unused due to the slipping performance of Chrysler sales and the economic downturn. Abound predicts the project will stimulate roughly 2,000 jobs during the construction phase and approximately 1,500 permanent jobs once the project is operating at full capacity, which is expected to be sometime in 2013.

“This project is yet another example what the Recovery Act has done in communities across the country in creating the new, clean energy jobs of the future,” said Energy Secretary Steven Chu in a press release on the Department of Energy website. “By supporting new cutting-edge solar manufacturing technologies, we are advancing a diverse renewable energy portfolio while helping to position the U.S. at the forefront of the global green economy.”

Abound will use proprietary manufacturing technology, co-developed by Colorado State University, the National Renewable Energy Laboratory, and the National Science Foundation. They will produce photovoltaic panels using an innovative process in which thin films of Cadmium-Telluride are deposited onto the glass panels. The technology offers numerous improvements over existing manufacturing methods and reduces overall product costs. The processes are also expected to create significant enhancements in film quality, device efficiency and stability, and product yield.

Including this conditional commitment announcement, the Department has issued conditional commitments for loan guarantees to support 13 clean energy projects hoping to solidify the United States as a worldwide leader in the generation and manufacturing of clean energy technology.