North Carolina-based FlexGen has finalized its acquisition of key assets and intellectual property from Oregon-headquartered energy storage integrator Powin, following approval of the deal by the U.S. bankruptcy court earlier this month.
FlexGen has acquired all of Powin’s intellectual property, including its software, hardware, and information technology systems, along with its spare parts inventory. With this acquisition, FlexGen is now supporting more than 25 GWh of battery energy storage systems across over 200 sites in 10 countries, providing software and services.
The company has also expanded its team by hiring former Powin employees “to ensure continuity for customers and maintain technical expertise for supported systems.”
Powin had submitted a notice to local and state officials in May, indicating plans to lay off at least 250 employees on or before July 28 if its business conditions did not improve. The company filed for Chapter 11 bankruptcy the following week.
In its bankruptcy filing, Powin listed between $100 million and $500 million in both assets and liabilities, and noted that some funds would be available to pay unsecured creditors.
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