US ESS Manufacturer Powin Files for Bankruptcy, Chinese Companies as Major Creditors

Published: Jun 16, 2025 14:07

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[US Energy Storage Integrator Powin Files for Bankruptcy, Chinese Companies Become Major Creditors] SMM learned that Powin, a US battery energy storage system (BESS) integrator, recently filed for Chapter 11 bankruptcy protection with the New Jersey court, with assets and liabilities ranging from US$100 million to US$500 million. Bankruptcy documents revealed that several Chinese companies, including CATL (US$44 million) and Qingdao CIMC Prowin (US$49 million), were among the top 50 unsecured creditors. Powin stated that this move was a strategic initiative to address its financial liabilities, while also announcing the spin-off of its service business to form a new entity, Powin Project. Its bankruptcy may be related to industry headwinds such as uncertainties surrounding US import tariff policies and the pressure for supply chain localization, reflecting deep-seated contradictions in the US energy storage industry.

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