U.S.-based energy storage firm Powin and its eight other subsidiaries have filed for Chapter 11 bankruptcy protection in New Jersey.

The company and its subsidiaries,  PEOS Holdings, Powin China Holdings 1 and 2, Charger Holdings, Powin Energy Ontario Storage, Powin Energy Operating Holdings, Power Energy Operating, and Powin Project, list estimated assets and liabilities ranging from $100 million to $500 million.

Powin’s creditors include Ace Engineering, Qingdao CIMC-POWIN New Energy Technology, Contemporary Amperex Technology, Celestica, Clean Energy Services CES, Formosa Electronic Industries, among others.

Powin is a battery solutions company established in 2016. As of 2023, the company had over 17 GWh of projects deployed and under construction.

Last year, the company secured a revolving credit facility of up to $200 million primarily from insurance accounts managed by global investment firm KKR.

The credit facility was supposed to support Powin’s working capital needs, drive continued innovation, and further enhance the company’s financial flexibility as it expands its leadership position in the storage industry.

In March 2025, Powin signed a memorandum of understanding to establish a partnership aimed at scaling the Brazilian energy storage market. The partnership was focused on addressing the growing demand for utility-scale energy storage solutions (30 MW+), driven by the country’s renewable energy expansion and grid reliability needs.

Recently, another U.S.-based residential clean energy company, Sunnova Energy, filed for Chapter 11 bankruptcy protection on Sunday. The company was under pressure from increasing debt and falling demand.  Earlier this month, Sunnova TEP Developer, Sunnova Energy’s subsidiary, filed a voluntary petition for relief under Chapter 11 before the United States Bankruptcy Court for the Southern District of Texas.

Last year, another battery developer and manufacturer, Northvolt AB filed for bankruptcy protection in the U.S. The company will seek to restructure under Chapter 11 of the bankruptcy code.