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Battery manufacturer Powin was submitted for bankruptcy on Wednesday. A member of the Oregon said that it is more than $ 300 million.
The issuance of chapter 11 will allow the company to continue while resetting the debt.
Powin, grid scale batteries using Lithium-Iron-Phosphate (LFP) cells from China. The company was looking for alternative domestic suppliers, but The supply chain was not adult enoughThe company’s former General Director Jeff waters told Bloomberg in April.
The company extinguished about 250 employees in the beginning of this month, and only in the age of 85, less than five in five years. Along with bankruptcy documents, the waters were replaced by Brian Krane, Powin’s chief projects.
Powin was the survivor of the first pure technological boom of the first ten years ago. The company was accepted personal In 2018and taken $ 135 million In the growth capital in 2022, including energy impact partners, gic and trilantic energy partners. Recently secured $ 200 million Returning Credit Rig From the kkr.
In recent years, Powin grew next to the bucket in the grid scale battery warehouse, Ranked the third In the US installed power and in the fourth world. Although Given the Bank’s LFP cell trust in the bank, the company did not say what a sudden increase in debt is, tariffs can play a roll.
