Oregon-based lithium iron-phosphate (LFP) battery supplier Powin has filed for Chapter 11 bankruptcy protection in New Jersey.
The company business last week notified local and state officials of a potential cessation of business operations, warning almost 250 staff, including senior executives, could be laid off if business conditions did not improve by July 28.
Powin was required to issue the notice at least 60 days ahead of planned closures or lay-offs, as an employer with at least 100 staff.
The company’s bankruptcy filing, dated yesterday, listed Powin as having between $100 million and $500 million in both assets and liabilities and indicated some funds would be available to pay unsecured creditors.
The business, which has faced stiff tariffs on lithium iron-phosphate (LFP) battery components imported from China, had made layoffs in late April, with the Bloomberg Law news service reporting headcount was down 83% from the start of the year at the time the bankruptcy filing was lodged.
Bloomberg reported the company had become the third largest battery supplier, by battery energy storage capacity installed, in the United States and referred to a press release issued last year which named Greenbelt Capital Partners, Trilantic, and Energy Impact Partners as investors in the business.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.