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Battery producer Powin has filed for bankruptcy, revealing a debt of over $300 million. The Chapter 11 filing allows the Oregon-based company to restructure its debt while continuing operations.
Powin’s Challenges and Changes
Powin specialized in manufacturing grid-scale batteries using lithium-iron-phosphate (LFP) cells from China. Despite efforts to find alternative domestic suppliers, the supply chain was not mature enough. Earlier this year, the company laid off nearly 250 employees, leaving just 85 remaining. Brian Krane, Powin’s chief projects officer, has taken over as CEO.
Powin’s Financial History
Powin, a survivor of the initial clean tech boom, was privatized in 2018. In 2022, the company received $135 million in growth equity and secured a $200 million revolving credit facility from KKR. Despite its success in grid-scale battery storage, ranking third in the U.S. and fourth worldwide, Powin faced a sudden increase in debt. Tariffs on Chinese LFP cells may have contributed to this financial strain.
