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

Powin, an Oregon-based battery manufacturer specializing in grid-scale lithium-iron-phosphate (LFP) batteries primarily sourced from China, filed for Chapter 11 bankruptcy on June 12, 2025. The company disclosed it has over $300 million in debt but will continue operations while restructuring. Powin recently laid off nearly 250 employees, retaining only 85, and replaced former CEO Jeff Waters with Brian Krane, the chief projects officer. Despite securing $200 million in financing from KKR and previously receiving growth equity from investors like Energy Impact Partners, GIC, and Trilantic Energy Partners, Powin struggled financially, possibly due to tariffs impacting its reliance on Chinese battery cells. Founded during the first clean tech boom over a decade ago, Powin had grown significantly alongside the surge in grid-scale battery storage, ranking fourth worldwide in installed capacity. The bankruptcy filing did not specify the exact causes of the debt increase, but supply chain challenges and tariff pressures are implied factors. The restructuring under