Battery storage firm, once rising star, files for bankruptcy

Source: By Daniel Moore, Pittsburgh Post-Gazette • Posted: Tuesday, August 21, 2018

Pennsylvania-based battery storage firm Axion Power has filed for Chapter 7 bankruptcy, following the failure of what would have been a major deal with a Chinese buyer.The company, which plans to liquidate its assets, was seen since its 2003 founding as a rising star in its field. It had sought to develop high-storage-capacity batteries but managed to get few products onto shelves. Failed partnerships included ventures with Norfolk Southern Corp., for an all-electric locomotive, and a 100-battery deal with China-based LCB International.

It owes some 75 creditors about $6.7 million, according to its bankruptcy filing.