U.S. battery supplier Powin files for bankruptcy
The Oregon-based business has been hit by steepening tariffs as it imported lithium iron-phosphate (LFP) battery components from China.
The Oregon-based business has been hit by steepening tariffs as it imported lithium iron-phosphate (LFP) battery components from China.
Oregon-based lithium iron-phosphate (LFP) battery supplier Powin has filed for Chapter 11 bankruptcy protection in New Jersey.
The company business last week notified local and state officials of a potential cessation of business operations, warning almost 250 staff, including senior executives, could be laid off if business conditions did not improve by July 28.
Powin was required to issue the notice at least 60 days ahead of planned closures or lay-offs, as an employer with at least 100 staff.
The company’s bankruptcy filing, dated yesterday, listed Powin as having between $100 million and $500 million in both assets and liabilities and indicated some funds would be available to pay unsecured creditors.
The business, which has faced stiff tariffs on lithium iron-phosphate (LFP) battery components imported from China, had made layoffs in late April, with the Bloomberg Law news service reporting headcount was down 83% from the start of the year at the time the bankruptcy filing was lodged.
Bloomberg reported the company had become the third largest battery supplier, by battery energy storage capacity installed, in the United States and referred to a press release issued last year which named Greenbelt Capital Partners, Trilantic, and Energy Impact Partners as investors in the business.
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