Powin Files for Bankruptcy Months After Securing $200M Loan
Powin, an Oregon-based battery manufacturer, filed for Chapter 11 bankruptcy on Wednesday, revealing a debt exceeding $300 million. The filing allows the company to continue operations while it restructures its financial obligations.
The company, which specializes in manufacturing grid-scale batteries using lithium-iron-phosphate (LFP) cells primarily sourced from China, had been exploring options for domestic suppliers. However, according to Jeff Waters, the former CEO, the domestic supply chain was not sufficiently developed. This information was shared in an April interview with Bloomberg.
Earlier this month, Powin laid off nearly 250 employees, leaving only 85 remaining—a significant reduction from the beginning of the year. Coinciding with the bankruptcy filing, Brian Krane, the chief projects officer, has stepped in to replace Jeff Waters as CEO.
Powin’s history includes surviving the initial clean tech boom more than a decade ago. The company was taken private in 2018 and subsequently received $135 million in growth equity in 2022 from investors such as Energy Impact Partners, GIC, and Trilantic Energy Partners. Furthermore, it secured a $200 million revolving credit facility from KKR.
In recent years, Powin has experienced growth parallel to the expansion in grid-scale battery storage, attaining a ranking of third in the U.S. and fourth globally regarding installed capacity. The company has not yet disclosed the reasons behind the sudden increase in debt. Tariffs on Chinese LFP cells may have contributed to the financial strain.
