Two US subsidiaries of Alevo, the Swiss-based grid-scale lithium-ion energy storage group, have filed for bankruptcy as a result of insufficient finance and production challenges.
Alevo USA Inc., and Alevo Manufacturing Inc., filed chapter 11 petitions on 18 August in the US Bankruptcy Court for the Middle District of North Carolina.
Sodium-ion batteries manufacturer Aquion Energy is back in operation – under new ownership and with a new name – after emerging from Chapter 11 bankruptcy in the US.
Aquion, now known as AEI Winddown, has been acquired in a bankruptcy auction by “a majority-American joint venture” for what Bloomberg said was $9.16 million.
Exide Technologies Inc has produced its Chapter 11 bankruptcy exit plan that spells how it plans to be clear of its burden by March 2015. It needs $175m in new investment as well as complicated debt for equity swaps with major lenders but much hinges on the troubled Vernon California plant.
This has already cost it $69m since April and could cost another $98m more over the next few years if it is allowed to re-open. No calculation is given as to what it would cost to get lead from elsewhere.
Exide Technologies has filed for more time to discuss its bankruptcy restructuring plan with its bondholders.
Exide wants to extend through December 10 to negotiate its plans with unsecured creditors without the threat that creditors could file rival plans.
Grid-scale battery startup, Xtreme Power, has filed for bankruptcy after failing to raise sufficient capital through selling its manufacturing site.
The company, which makes advanced lead-acid batteries for large stationary projects, has been struggling to maintain its business for some time. In April 2013 the company put its Oklahoma factory on the market. It has not yet been sold and will form part of the bankruptcy arrangements.
Exide’s disused lead-acid battery recycling plant in Baton Rouge, Louisiana, US is being demolished. The facility has sat idle since 2009 when Exide asked the local Department of Environmental Quality to pause production, a procedure that should begin the permanent closure of the plant.
Exide had to apply for extensions to remain out of action while economic conditions were unfavourable for operation. Extensions were granted in 2009, 10 and 11 but denied in 2012 because the company was unable to prove market conditions would become ripe for restarting the site within 12 months. The demolition begun at the end of October and is expected to be completed by December 1st.
