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Battery manufacturer Powin files for bankruptcy months after landing $200M loan
The Chapter 11 filing will let Powin continue operating while it restructures its debt.
Powin had been searching for alternative domestic suppliers, but the supply chain wasn’t sufficiently mature, Jeff Waters, the company’s former CEO, told Bloomberg in April. In recent years, Powin had grown alongside the boom in grid-scale battery storage, ranked third in the U.S. in terms of installed capacity and fourth worldwide. The company did not say what spurred the sudden rise in debt, though given its reliance on Chinese LFP cells, tariffs may have played a roll.
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