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Battery storage maker Xtreme Power files Ch. 11 bankruptcy
Credit: Duane Shimogawa, Reporter- Pacific Business News | Jan 27, 2014 | www.bizjournals.com ~~
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Translate: FROM English | TO English
Xtreme Power Inc., the Texas-based battery storage system maker that has most of its projects in Hawaii – including a 15-megawatt system that went up in flames at the Kahuku Wind Farm on Oahu – said that it has filed for Chapter 11 bankruptcy protection while it continues to look for a buyer to purchase its operation.
A company spokeswoman told PBN that the company filed the Chapter 11 case in U.S. Bankruptcy Court in Texas last week.
Xtreme Power said that it will continue its operations at all of its locations as it begins a process to find a buyer.
Alan Gotcher, CEO of Xtreme Power, said in a statement, that the its general creditors will provide the necessary financing to enable the search for an appropriate buyer to proceed.
The company is seeking bids by Feb. 28, with a bankruptcy auction to follow.
“We are very pleased with the steps taken by our general creditors that are supporting our Chapter 11 process and ultimate sale of the company,” Gotcher said in a statement. “With our industry-leading expertise, our world-class partnerships with other leading companies including GE Energy Storage, Samsung SDI and Duke Energy, I have no doubt new owners will find Xtreme Power an attractive acquisition, particularly given that we will be free and clear of liabilities.”
Xtreme Power said it has retained New York-based Gordian Group LLC to assist in the sale of the company.
Gotcher said that the company’s strong pipeline should be very attractive to potential buyers.
“With the pipeline in excess of $100 million and letters of intent for $65 million, we have a solid base of new business,” he said. “I believe we’re a great company poised for a bright future of renewable energy generation, storage and transmission.”
With 12 projects in the field, accounting for 60 megawatts of grid-scale installations, ranging from 1 megawatt up to 36 megawatts, Xtreme Power has eight battery storage systems on Oahu, Maui, Kauai and Lanai.
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