Oregon Battery Supplier Powin Files Chapter 11 Bankruptcy With $300M Debt

Powin, an Oregon-based lithium iron-phosphate battery supplier and energy storage system integrator, has filed for Chapter 11 bankruptcy protection in New Jersey amid a liquidity crisis with estimated debts around $300 million. The company, which has deployed over 17 GWh of battery energy storage systems worldwide relying on its proprietary StackOS software, plans to spin off StackOS as a standalone business while putting its engineering and installation division up for sale. Powin has faced significant challenges including stiff tariffs on imported battery components from China, canceled projects by major clients, and uncertainties regarding US import tariffs and tax credit incentives. The bankruptcy filing revealed that Powin's workforce has been drastically reduced by 83% since the start of the year, with about 250 potential layoffs including senior executives previously warned. Despite its financial troubles, Powin remains a notable player in global renewable energy projects, having installed large-scale battery systems across North America and internationally. Investors in the company include Greenbelt Capital Partners, Trilantic, and Energy Impact Partners.