US ‘saltwater’ battery manufacturer Aquion Energy has filed for Chapter 11 bankruptcy, according to a press release issued by the company overnight.
Chapter 11 bankruptcy, sometimes referred to as ‘reorganisation’ bankruptcy, gives the company protection from creditors while it endeavours to restructure itself and sell off its remaining assets.
The company may continue operating if a buyer comes in to purchase its assets – which include its highly automated manufacturing lines in the state of Pennsylvania.
“We believe that Aquion is the furthest along among emerging energy storage companies offering a new battery technology. Our world-class team was able to achieve tremendous results in the past several years,” said Scott Pearson, Aquions outgoing CEO.
“Therefore, we are optimistic that we can achieve the expected results and complete an asset sale under Chapter 11 in the coming months. We have appreciated the tremendous support of our employees, investors, customers, and vendors throughout our history and look forward to maintaining positive relations during this important phase.”
Aquion stands out in a growing pool of battery storage product options in Australia for its chemistry, sodium-sulphur, which is inherently non-combustible and non-caustic.
Aquion’s batteries were the first in the world to receive the Cradle-to-Cradle certification for their environmentally benign materials.
The announcement comes as prices for lithium batteries – a key competing chemistry type – continue to reach new levels of affordability and attractiveness.
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