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.
The company laid off nearly 250 employees earlier this month, and just 85 remain, less than a fifth of what it started the year with. Alongside the bankruptcy filing, Waters was replaced by Brian Krane, Powin's chief projects officer.
Powin was a survivor of the first clean tech boom over a decade ago. The company was taken private in 2018, and it received $135 million in growth equity in 2022 from investors, including Energy Impact Partners, GIC, and Trilantic Energy Partners. More recently, it secured a $200 million revolving credit facility from KKR.
In recent years, Powin has grown alongside the boom in grid-scale battery storage, ranked third in the U.S. in terms of installed capacity and fourth worldwide. The company did not say what spurred the sudden rise in debt, though given its reliance on Chinese LFP cells, tariffs may have played a roll.
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No More Student Visas? No Problem.
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A spokesperson for the foreign ministry quickly registered Beijing's objection to the new policy. But when Chinese leader Xi Jinping spoke with Trump by phone last week, either he didn't raise the new visa policy or his foreign ministry didn't regard his comments on the matter worth including in its official summary of the call, which suggests that the issue is not a top priority in Beijing's negotiations with Washington. One reason for this underwhelming response may be that re-shoring its university students serves Beijing's current agenda. China first opened to the world in the 1980s; in the decades that followed, securing a Western education for its elite helped the country bring in the technology and skills it needed to escape poverty. 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China would like to have its own Harvards, rather than sending its elite students to the United States, for political and cultural reasons as well as economic ones. Chinese authorities have long worried that the hundreds of thousands of students it exports to America will absorb undesirable ideas about democracy and civil liberties—and that they will access information about China that is suppressed at home, such as the story of the Tiananmen Square massacre in 1989. In fact, many young Chinese who study in the United States seem to enjoy American freedoms and seek to stay rather than return to serve the motherland. Beijing has tried to deal with this in part by monitoring the activities of its students in the U.S. and attempting to hold them firmly to the party line, including by harassing the families back home of those who stray. Within China, authorities can more easily confine students inside the government's propaganda bubble, which in recent years has become more airtight. 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25 minutes ago
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