bankruptcy

Battery manufacturer Powin files for bankruptcy months after landing $200M loan

Climate /

Battery manufacturer Powin filed for bankruptcy on Wednesday. The Oregon-based company said it has more than $300 million in debt. The Chapter 11 filing will let the company continue operating while it restructures its debt. Powin manufactured grid-scale batteries using lithium-iron-phosphate (LFP) cells from China. Powin had been searching for alternative domestic suppliers, but the […]

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Nikola founder Trevor Milton is fighting a subpoena from his bankrupt company’s creditors

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The recently-pardoned founder of Nikola, Trevor Milton, has been fighting a subpoena from the creditors of his bankrupt electric trucking company. The official committee of unsecured creditors in the bankruptcy case sent the subpoena to Milton’s lawyers on April 1, according to a recent filing. Milton owed Nikola nearly $100 million before it filed for

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Nikola founder Trevor Milton accused of trying to derail bankruptcy case

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A court hearing on the sale of bankrupt electric truck startup Nikola’s assets to Lucid Motors was going smoothly on Friday. No objections had been filed to the transaction, and Delaware bankruptcy judge Thomas Horan verbally approved it without hesitation. Until, that is, a lawyer piped up on the Zoom call toward the end of

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DNA testing company 23andMe files for bankruptcy protection, CEO resigns

Biotech & Health /

Genetics testing company 23andMe has filed for Chapter 11 bankruptcy protection in the U.S. to initiate the sale of its assets. Alongside the announcement, the company’s co-founder and CEO Anne Wojcicki separately said she is leaving the company to become an independent bidder for the company. “After a thorough evaluation of strategic alternatives, we have

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Battery manufacturer Northvolt nears the end as it files for bankruptcy in Sweden

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Northvolt filed for bankruptcy in Sweden on Wednesday, the latest blow to Europe’s attempts to create a battery manufacturing juggernaut that could rival the Chinese giants. Though the Swedish startup has raised more than $14 billion, it has been running short on cash recently. Northvolt had previously filed for Chapter 11 bankruptcy in the U.S. in

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Troubled electric truck maker Nikola files for bankruptcy

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Hydrogen electric trucking startup Nikola Corp. filed for Chapter 11 bankruptcy protection Wednesday after it failed to find a buyer or secure additional funds to maintain operations.  Nikola was once a Silicon Valley darling, valued at $30 billion in June 2020 after it went public through a special purpose acquisition merger. But a series of

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Volkswagen slashes the value of its stake in Northvolt, the beleaguered battery manufacturer

Climate /

Volkswagen bet big on European-made batteries a few years ago with two massive investments in Northvolt, the Swedish manufacturer. Now, the automaker’s €1.4 billion stake is worth less than half that, according to Reuters. The write downs occurred throughout the current fiscal year as the situation at Northvolt deteriorated.  It’s unclear what Volkswagen’s current stake

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Battery unicorn Northvolt files for bankruptcy, co-founder and CEO resigns

Climate /

Beleaguered Swedish battery manufacturer Northvolt announced on Thursday that it was filing for bankruptcy in the U.S., striking a blow to Europe’s ambitions for homegrown lithium-ion batteries. The company reportedly chose Chapter 11 in an effort to right its finances. In the wake of the filing, co-founder and CEO Peter Carlsson resigned, though he’ll remain on

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Battery unicorn Northvolt files for bankruptcy, upending Europe’s industrial plan

Climate /

Beleaguered Swedish battery manufacturer Northvolt announced today that it was filing for bankruptcy in the U.S., striking a blow to Europe’s ambitions for homegrown lithium-ion batteries. The company reportedly chose Chapter 11 in an effort to right its finances.  Northvolt, which had soared for years on the back of strong fundraising and a string of

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Fluid Truck files for Chapter 11 bankruptcy and pursues sale after leadership shakeup

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Less than two months after Fluid Truck’s board ousted its sibling co-founders from their executive positions, the company has laid off 30% of its staff, filed for Chapter 11 bankruptcy protection, and found a potential buyer to take on the business, pending court approval, according to bankruptcy filings and information from a former employee.  Fluid

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