August 18, 2017
CONCORD, NC – Alevo USA, Inc. and Alevo Manufacturing, Inc., filed chapter 11 petitions today in the United States Bankruptcy Court for the Middle District of North Carolina on August 18, 2017. Through Bankruptcy Court supervision, Alevo USA, Inc. and Alevo Manufacturing, Inc. hope to achieve an orderly liquidation of their assets and maximize value to pay their creditors.
Despite demonstrating the advantages of its groundbreaking battery technology, Alevo Manufacturing, Inc. has had significant production challenges and thus insufficient revenue to continue operations. The Alevo entities have actively sought new funding sources to finance their operations and growth strategies. Unfortunately, despite best efforts, the funding has not been realized in time to permit continued operations.
“The chapter 11 filings are a very difficult, but necessary decision”, said Peter Heintzelman, chief financial officer of the Alevo entities. “This decision was driven by the formidable challenges of bringing a new technology into commercial production and lacking the financial wherewithal to continue on through repeated manufacturing delays. It is a sad day for our dedicated employees and partners, as well as for the promise of Alevo’s technology.”
Swiss parent company, Alevo Group SA, remains open and is working to secure additional capital.
250-kilowatts of Alevo Battery Technology will become part of the Duke Energy Microgrid Research Center in Mount Holly, North Carolina. Duke Energy established a testing center at their Mount Holly Training facility a few years ago to explore new microgrid technologies and take an in-depth look at how new microgrid technology can enhance the grid. […]
In late 2014, a virtually unknown company called Alevo announced it was entering the energy storage market with a new inorganic, sulfur-based lithium ion battery technology that it had acquired from the bankrupt German company fortu PowerCell. Alevo entered the U.S. with a big splash, investing over $68 million in the 3.5 million-square-foot former Philip Morris […]
Alevo, the energy storage company, today announced is highest score yet