Moxion Power Co., an electric generator startup backed by Amazon, has filed for Chapter 7 bankruptcy in Delaware, listing between $100 million and $500 million in liabilities. The filing comes shortly after the Richmond, California-based company announced significant layoffs and highlighted its financial difficulties.
Moxion Files For Chapter 7: Financial Breakdown of Moxion’s Bankruptcy
In its Chapter 7 petition filed late Monday, Moxion disclosed total liabilities of $86.9 million. This includes $53.5 million in nonpriority unsecured claims, $371,450 in priority unsecured claims, and nearly $33.1 million in secured claims. On the asset side, the company reported $118.2 million, which includes its flagship zero-emissions mobile power units. These units, marketed as electric batteries designed to replace traditional diesel generators, can be easily towed by pickup trucks.
Layoffs and Rapid Expansion Amid Financial Uncertainty
Moxion’s financial troubles were foreshadowed in late June when the company notified California’s labor department that it would lay off 101 employees. This news followed a period of rapid expansion, which included the signing of a new lease for a 100,000-square-foot facility in Richmond earlier this year. The move was intended to scale Moxion’s operations as it positioned itself as a leader in the clean energy sector.
