Powin Files for Bankruptcy Amid $325M Crisis
America ı By Rihem Akkouche
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The power behind millions of batteries used in global green energy projects is short-circuiting. Powin LLC, a key player in energy storage systems, filed for Chapter 11 bankruptcy Tuesday in New Jersey, reeling under $325 million in debt and citing a liquidity crisis that has become “untenable.”
The Oregon-based company revealed a two-pronged survival plan: spin off its lucrative battery monitoring business into a standalone company, and put its engineering and installation division up for sale during the bankruptcy process.
From Energy Leader to Bankruptcy Court
Powin has been a notable name in the clean energy transition, providing engineering and installation for large-scale battery systems used across North America, Italy, Greece, and Israel. With oversight of over 5 million batteries, its maintenance arm is considered essential infrastructure in the renewable energy sector.
But the financial picture tells a grimmer story.
Debts, Defaults, and Dissatisfaction
Court filings show $25.6 million in secured debt and a staggering $300 million in unsecured obligations. Among them:
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A $100 million claim from Korean manufacturer Ace Engineering & Co.,
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More than $85 million in disputed contracts over manufacturing delays.
The crisis deepened in March, when Powin’s secured lender declared a default, and in April, appointed an independent manager to oversee operations.
Inside the Collapse: Misfires and Missed Promises
Gerard Uzzi, Powin’s chief restructuring officer, painted a dire picture in court. He cited an "extreme overdependence on trade credit," swelling customer damage claims, and a “real credibility problem” that had eroded trust with key clients.
“We haven’t had time to trace the exact roots of the crisis,” Uzzi admitted, “but our immediate focus has been to create a plan to preserve value and minimize liability.”
Crucially, two of Powin’s largest customers canceled projects mid-negotiation, making the engineering and installation wing "unsustainable". In contrast, clients expressed strong interest in preserving the monitoring and long-term service agreement (LTSA) business—the lifeline Powin now aims to reorganize around.
The Road Ahead: Selling the Past, Salvaging the Future
Uzzi noted that if the spin-off of the monitoring division succeeds, Powin will look to sell off its remaining assets under the protective umbrella of Chapter 11.
“This is not about giving up. It’s about carving out the part of the company that still has a future,” said a source familiar with the talks.
Powin has retained Huron Transaction Advisory to assist with the financial and strategic overhaul. Company representatives have not yet offered public comment.
For a company once seen as a key cog in the clean energy movement, this filing is more than just a financial failure—it’s a high-voltage warning about the growing pains in the renewable energy boom.
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