Alevo USA and Alevo Manufacturing filed chapter 11 petitions in the United States Bankruptcy Court for the Middle District of North Carolina on August 18, 2017. Through Bankruptcy Court supervision, Alevo USA and Alevo Manufacturing 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.”
Alevo has long promised its revolutionary lithium-ion battery technology would revolutionize utility-scale energy storage.
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Source: http://alevo.com/