US battery and energy storage system manufacturer Aquion Energy has declared bankruptcy, offloading 80% of its employees and reverting to its core R&D team, according to a company release.
The maker of saltwater Aqueous Hybrid Ion batteries and energy storage systems stated it “has filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court of the District of Delaware”.
Enjoy 12 months of exclusive analysis
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Annual digital subscription to the PV Tech Power journal
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
Several of the personnel whose employment was terminated have entered into consulting agreements with Aquion to help in the sale of its assets. All factory operations have been paused as well as the marketing and selling of products to allow time for assets to be sold.
Several potential strategic buyers have shown interest in multi-award winning Aquion and are said to be conducting due diligence under non-disclosure agreements.
Scott Pearson, Aquion's outgoing chief executive, said: “Creating a new electrochemistry and an associated battery platform at commercial scale is extremely complex, time-consuming, and very capital intensive. Despite our best efforts to fund the company and continue to fuel our growth, the company has been unable to raise the growth capital needed to continue operating as a going concern.”
He added: “Over its seven years of operation, Aquion has created a very promising energy storage platform and has proven that it can build a compelling product at scale in a highly-automated fashion and sell it globally to both integrators and end-customers.
“In the coming weeks, Aquion will be working to secure a bidder to purchase substantially all of its operating assets. […] We are optimistic that we can achieve the expected results and complete an asset sale under Chapter 11 in the coming months.”
Suzanne Roski managing director at Virginia-based consulting firm Protiviti has been appointed the company's chief restructuring officer.
Energy Storage News looked in detail at Aquion’s technology and its UK ambitions last month, with the firm touting the environmental benefits of its batteries compared to other technologies and its suitability to being paired with solar systems.