Green Gone Again
Yet another "green" company goes bust:
Seven years after Aquion Energy received a $5.2 million stimulus-tied grant from the federal government, the Pennsylvania company on Wednesday filed for Chapter 11 bankruptcy.Produce, or perish...
“Creating a new electrochemistry and an associated battery platform at commercial scale is extremely complex, time-consuming, and very capital intensive. Despite our best efforts to fund the company and continue to fuel our growth, the Company has been unable to raise the growth capital needed to continue operating as a going concern,” Scott Pearson, Aquion's outgoing CEO, said in a press release.
The company, which is now seeking a buyer, produces batteries to store solar and renewable energy. It had been touted as a rising star in the energy storage business, even attracting investment from Microsoft founder Bill Gates and millions more in state funding.