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Powin and Subsidiaries File for Chapter 11 Bankruptcy Amid Industry Pressures

U.S.-based battery storage company Powin and eight of its subsidiaries have filed for Chapter 11 bankruptcy protection in New Jersey, citing estimated assets and liabilities between $100 million and $500 million. The filing includes Powin entities such as PEOS Holdings, Powin China Holdings 1 & 2, Charger Holdings, and Powin Project, among others.

Powin’s creditor list features prominent names like Ace Engineering, Contemporary Amperex Technology (CATL), Qingdao CIMC-POWIN, Celestica, and Formosa Electronic Industries. The filing underscores the mounting financial stress in the energy storage sector despite high deployment numbers — Powin had more than 17 GWh of projects deployed or under construction as of 2023.

In 2023, Powin secured a $200 million revolving credit facility backed primarily by KKR-managed insurance funds to bolster working capital and support its leadership in utility-scale storage. However, these efforts have not prevented the financial downturn.

In March 2025, Powin signed an MoU targeting Brazil's energy storage market, aiming to meet demand for 30 MW+ utility-scale systems. But its bankruptcy raises uncertainty about the project's future and broader confidence in global battery developers.

Powin’s collapse follows a troubling trend — Sunnova Energy, a U.S.-based residential clean energy firm, also filed for Chapter 11 bankruptcy earlier this month. Additionally, Northvolt AB, a well-known battery manufacturer, sought bankruptcy protection in the U.S. last year.

These filings signal a growing liquidity crisis in the clean energy sector, especially in energy storage, where capital intensity, price volatility, and regulatory delays are straining balance sheets even amid global demand for storage solutions.