- Powin filed for Chapter 11 bankruptcy, laying off nearly 250 employees and citing over $300 million in debt, with only 85 staff remaining from 500 at the year’s start.
- The company plans to continue operations at a reduced scale, with new CEO Brian Kane focusing on servicing existing energy storage systems.
Oregon-based battery storage company Powin filed for Chapter 11 bankruptcy protection on Tuesday, June 10. The filing revealed over $300 million in outstanding debt and confirmed a dramatic collapse in its workforce and operations.
Once a rising name in the renewable energy sector, Powin has recently seen its fortunes sharply decline. The company disclosed that it laid off nearly 250 employees on June 6, including 100 staff members at its Tualatin headquarters and Portland’s Pearl District office. Others left voluntarily due to mounting uncertainty. Only 85 employees remain, a stark contrast to the 500-strong workforce it had at the beginning of the year.
Despite the turmoil, Powin insists it plans to continue operating on a reduced scale. As part of its restructuring, the company appointed Brian Kane, previously Chief Projects Officer, as the new CEO. In a statement on Tuesday, June 10, Kane called the transition “a pivotal moment for Powin.” He emphasised a refocus on the company’s services business to sustain operations and deliver value to its customers.
“This is a pivotal moment for Powin,” Kane said. “Forming this organisation’s services business through this critical transition allows us to preserve the value we’ve built, focus on delivering reliable performance to our customers, and position the organisation for organisational viability and success.”
Powin specialises in speciality battery systems designed to store renewable energy from solar and wind farms, making that energy available even during unfavourable weather conditions. However, the company has been grappling with several setbacks that have now come to a head.
Although Powin has not publicly detailed the exact causes of its financial collapse, several compounding factors are evident. In October 2024, the company secured a potential $200 million loan from investment funds linked to private equity giant KKR. However, the firm defaulted on that agreement by March 2025, according to Tuesday’s court filing. KKR says Powin currently owes at least $25.6 million.
At the same time, the political and economic environment has grown increasingly hostile for clean energy companies. The Trump administration’s rollback of solar and wind incentives and increased support for fossil fuels has weakened market confidence and squeezed revenue streams for renewables.
Powin’s supply chain, heavily reliant on battery components from China, has also been disrupted. New tariffs and trade barriers have made Chinese parts more expensive or complex to obtain, significantly impacting production costs and timelines.
Looking ahead, Powin hopes to survive by shifting its focus from manufacturing to product servicing, a move it believes could stabilise and preserve customer relationships.
Still, with its workforce decimated and debts mounting, the path forward remains uncertain. Industry analysts say Powin’s bankruptcy is a cautionary tale for other clean tech firms navigating a turbulent political and economic landscape. The company’s Chapter 11 proceedings will now determine whether it can emerge leaner and viable, or fade out as another casualty in the high-stakes energy transition.