Battery manufacturer Powin files for bankruptcy months after landing $200M loan
Battery manufacturer Powin filed for bankruptcy on Wednesday. The Oregon-based company said it has more than $300 million in debt. The Chapter 11 filing will let the company continue operating while it restructures its debt. Powin manufactured grid-scale batteries using lithium-iron-phosphate (LFP) cells from China. The company 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.