Storage co Aquion Energy emerges from Chapter 11, restarts ops

US energy storage technology firm Aquion Energy Inc said on Friday it has emerged from Chapter 11 protection and resumed its operations.

The company has developed and makes the Aqueous Hybrid Ion (AHI) batteries and energy storage systems. Following the emergence from Chapter 11, it has decided to refocus its business on technology and go-to-market opportunities and expand its product offerings into China and other markets worldwide. Its goal will be “to deliver the lowest price per kWh-cycle battery in the world,” and “build Aquion into a billion-dollar company in the upcoming years,” said CEO Philip Juline.

The energy storage technology firm filed a voluntary Chapter 11 petition in March as it was not able to raise the capital it needed to continue operating as a going concern. Aquion let go 80% of its personnel, paused factory operations, and ceased marketing and sales activities. As it said previously, it intended to seek a bidder to take substantially all of its operating assets.

On Friday, Aquion only noted that its new owner is a majority-American joint venture, without disclosing its name.

Bill Gates, Exelon’s Constellation Technology Ventures (CTV), Hong Kong-based Yung’s Enterprise, and the venture capital arms of Royal Dutch Shell (AMS:RDSA) and Total SA (AMS:RDSA) are some of the names in the list of Aquion investors on its website.

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