Today, shortly after receiving an award from the Cleantech Group for North American company of the year (yet another kiss of death), Aquion declared bankruptcy.
Aquion raised a total of $190 million in venture capital and debt for its saltwater batteries intended for long-duration storage. The company also raised a lot of hype.
The startup just “filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court of the District of Delaware. Immediately preceding the Chapter 11 filing, the Company retrenched to a core R&D team by terminating approximately 80 percent of its personnel (several of whom have also entered into consulting agreem…
Read the full article at: https://www.greentechmedia.com/articles/read/Aquion-the-Bill-Gates-and-Kleiner-Perkins-Funded-Advanced-Battery-Startup