Aquion Energy files for Chapter 11 bankruptcy

Share on linkedin
LinkedIn
Share on twitter
Twitter
Share on reddit
Reddit
Share on facebook
Facebook
Share on email
Email
Several potential strategic buyers have shown interest in multi-prize winning Aquion and are conducting due diligence under non-disclosure agreements. Credit: Aquion
Several potential strategic buyers have shown interest in multi-prize winning Aquion and are conducting due diligence under non-disclosure agreements. Credit: Aquion

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”.

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.

Read Next

November 14, 2019
Power shut-offs affecting millions in California, enacted by utilities Pacific Gas and Electric (PG&E) and Southern California Edison to prevent wildfires and their spreading, are a “draconian” measure and don’t address the real problems, SimpliPhi Power CEO Catherine Von Burg has said.
May 24, 2019
Assets are up for sale following the bankruptcy of EnSync, a networked smart home solutions provider from the US which has been using battery energy storage to aggregate connected systems for energy trading and other services.
August 28, 2018
Battery storage developer Camborne Energy Storage (CES) has been plunged into administration after failing to find buyers for prospective battery projects.
March 6, 2018
ELM FieldSight has partnered with power conversion specialist Ideal Power on a number of microgrid and related projects, designing and supplying the control system that makes the system tick, balancing the different distributed energy sources plugged into it. Vice president of operations Jason Petermeier shared his thoughts on recent projects, not-so-recent projects and where microgrids are heading.
January 2, 2018
Well, we seem to say it at the end of every year, but 2017 seemed a lot busier than 2016, 2016 was busier and more exciting than the year before that, and so on! There have been some hints already on what the industry and its observers expect to see in 2018 and we do not doubt energy storage will continue in its rise to become a flexible cornerstone of the world’s electricity infrastructure. In the meantime, let’s reflect on the top news stories of last year, as reported by Energy-Storage.News and based on readership statistics from you:

Most Popular

Email Newsletter