Battery storage manufacturer Alevo files for bankruptcy
Alevo USA and Alevo Manufacturing filed for Chapter 11 bankruptcy court protection late last week.
In the filing, with the United States Bankruptcy Court for the Middle District of North Carolina, Alevo said it hopes to “achieve an orderly liquidation of their assets and maximize value to pay their creditors.”
- The company cited “significant production challenges” and “insufficient revenue to continue operations.”
Alevo is the second battery maker to file for bankruptcy this year after pinning its hopes on a novel technology. The battery storage developer made a $1 billion bet on a new technology that would grant longer life to enable lithium-ion batteries. The bankruptcy comes after another energy storage
In March, Aquion Energy, which was developing an aqueous hybrid battery based on salt water, filed for bankruptcy.
Alevo signed an agreement with Ormat Technologies early this year to jointly build, own and operate the 10 MW Rabbit Hill Energy Storage Project in Georgetown, Texas, about 10 miles north of Austin. And last year, the company began a project to build an 8 MW, 4 MWh energy storage system in Lewes, Dela., that would use Alevo’s GridBank technology.
“This decision was driven by the formidable challenges of bringing a new technology into commercial production and lacking the financial wherewithal to continue on through repeated manufacturing delays. It is a sad day for our dedicated employees and partners, as well as for the promise of Alevo’s technology,” Peter Heintzelman, chief financial officer at Alevo, said in a statement.
- Greentech Media The Story Behind Alevo’s Inorganic Lithium-Ion Chemistry
- Alevo Alevo USA, Inc. and Alevo Manufacturing, Inc. File for Relief Under Chapter 11
- Charlotte Business Journal What led to Concord battery manufacturer Alevo's demise
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