Powin batteries bankruptcy files months after a $ 200 million loan dropped

The Bomain Battle Manufacturer submitted bankruptcy on Wednesday. The Oregon -based company said it has more than $ 300 million of debt.

Chapter 11 file of the company will allow the continuation of work while restructuring its debts.

Powin manufactured batteries over the network using Lithium Iron Cells (LFP) from China. The company was looking for the local suppliers, however The supply chain was not mature enoughJeff Waters, former CEO of the company, said in Bloomberg in April.

The company has handed over approximately 250 employees earlier this month, and only 85 years left, less than five what it started in the year. Besides the bankruptcy file, Waters Praian Karan, chief project official in Boumeen, was replaced.

Boumene was one of the survivors of the first boom in clean technology in more than a decade. The company was taken especially In 2018And receiving 135 million dollars In stocks of growth in 2022 investors, including energy influence partners, GIC, and Trilantic Energy Partners. Recently, I got 200 million dollars Rotary credit facilities From kkr.

In recent years, Powin has grown alongside the boom in storing the battery network, He ranked third In the United States in terms of installed and fourth capacity around the world. The company did not say what motivated the sudden height of debt, despite its dependence on the Chinese LFP cells, may have played the definitions of a roll.