Flow battery startup Aquion emerges from bankruptcy protection
The company raised over $162m in five rounds of funding from 17 investors, with the most recent round of $33m in April last year. But the company collapsed just a few months later.
The new owner, Juline-Titans, has links to the China Titans Energy Technology Group but is ‘a majority-American joint venture’. It paid $9.16m for the assets of the company, beating Austrian battery company BlueSky Energy, a reseller of the Aquion technoloyg, which had bid $2.8m.
The investing company says it is planning to rapidly rebuild strong technical, operations, and commercial teams for the Aqueous Hybrid Ion (AHI) batteries and systems.
“Aquion Energy will be a stronger company after emerging from this protection transition period. We are refocused on technology and go-to-market opportunities that will grow significant volume for the company in the coming years. Aquion’s battery technology has always been world leading. We now need to focus on what we do best – creating the safest, cleanest, and lowest cost per kWh-cycle battery technology in the world – with a simple business model that can effectively compete in the marketplace. With a renewed focus on expanding our product offerings into the growing markets in China and other global markets, we intend to deliver the lowest price per kWh-cycle battery in the world,” said Philip Juline, CEO of Aqion.
“We are confident with our committed business orders and aiming to build Aquion into a billion-dollar company in the upcoming years. We are only limited by our ability to ramp and scale our operations,” he said.
Related stories:
- NEXT GENERATION AQUEOUS HYBRID ION BATTERY DELIVERS 40 PERCENT MORE ENERGY
- AQUION ENERGY FORGES TECHNOLOGY PARTNERSHIP WITH EGUANA TECHNOLOGIES
- GERMAN POWER OPERATOR PLANS WORLD’S LARGEST BATTERY
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
