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:
