(Reuters) - U.S. battery maker Aquion Energy Inc filed for Chapter 11 bankruptcy protection on Wednesday and said it was in talks to sell substantially all of its operating assets.
Aquion, which makes saltwater batteries for use in electricity grids under the Aqueous Hybrid Ion brand, also said it laid off 80 percent of its workforce and paused all factory operations.
“Despite our best efforts to fund the company and continue to fuel our growth, the company has been unable to raise the growth capital needed to continue operating as a going concern,” outgoing Chief Executive Scott Pearson said.
Several potential buyers have shown interest in the company and are conducting due diligence under non-disclosure agreements, Aquion said.
Pittsburgh-based Aquion listed assets and liabilities of between $10 million and $50 million in a filing with the U.S. bankruptcy court in Delaware.
Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar