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The battery manufacturer powin has filed for failure on Wednesday. Oregon-based company said it has more than $ 300 million in debt.
Chapter 11 Filing will let the company continue the operation while restoring their debt.
Powin Fabricate the scale batteries use with the lithium-iron cells (lfp) from China. The powin had to look for alternative domestic suppliers but the Supply chain was not enough matureThe Water Jeff, the company’s CEO, said Bloomberg in April.
The company stabs almost 250 employees before this month, and only 85 remain, less than one fifth of what the year with. Between the failure thread, failure water has been replaced by Brian Krane, Powerin Projects.
The powin was an overview of the first boom Tech Clean over a dozen. The company has been private In 2018and receive $ 135 million In the eridge in the investors in the investors including impact energy partners, the GIC and triling energy partners. More recently has secured a $ 200 million Revolving credit facility by kkr.
In the past few years, powin was cultivated beside the boom in storage of scale battery, The third In the United States in terms of capacity installed and fourth in the world. The company didn’t say what he scared the debt increase, even if he gave his trust on Chinese LFP cells, fees can play a roll.
