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The Powin battery manufacturer filed for bankruptcy on Wednesday. Oregon based company said it had more than $ 300 million in debt.
The deposit of Chapter 11 will allow the company to continue to operate while restructuring its debt.
Pownin grid batteries using Chinese lithium-per-phosphate (LFP) cells. The company was looking for alternative national suppliers, but the The supply chain was not mature enoughJeff Waters, the former CEO of the company, told Bloomberg in April.
The company dismissed nearly 250 employees earlier this month, and there are only 85, less than a fifth of what it started the year. In addition to the bankruptcy deposit, Waters was replaced by Brian Krane, director of Powin’s projects.
Powin was a survivor of the first boom in clean technology more than a decade. The company was taken in private In 2018And he received $ 135 million in equity in 2022 with investors, in particular Energy Impact Partners, GIC and Trilantic Energy Partners. More recently, he obtained $ 200 million Renewable credit facility from KKR.
In recent years, Powin has increased in parallel with the boom in the storage of batteries on a network scale, ranked third In the United States, in terms of installed and fourth capacity in the world. The company did not say what stimulated the sudden increase in debt, although given its dependence on the Chinese LFP cells, the prices may have played a role.
