This is of course sad to see, for any company and its employees and investors, but also sadly predictable. In a widely read and shared article, in which I interviewed many industry leaders, an energy storage 'bloodbath' was predicted. You can see the full article here https://www.energy-storage.news/blogs/theres-going-to-be-a-blood-bath-insiders-views-on-energy-storage
Shortly after that we saw Aquion go, and a number of other players step back from large capital investment. We also saw a lot of companies acquired by larger, traditional businesses such as Engie, Wartsila, Total and most recently Younicos by Agrekko.
The future for energy storage is of course still very bright. This is the maturing of a market, as we saw over the last decade (and still) with solar PV, the same will happen in e-mobility. No one knows just how it will play, but it's critical for companies to survive and thrive they have great talent, as well as investors. People with the experience, flexibility and scars from previous clean energy adventures. We will yet see more winners and losers, but critical to all is to remain upbeat, sad though it is, the demise of one company isn't the death knoll for the industry.
The first 2MW unit was shipped in January for use in the PJM frequency regulation market, with Alevo touting the unit’s low cost and safety and performance features. However, as of Friday (18 August), the Alevo website has been replaced with a landing page announcing: “Alevo USA, Inc. and Alevo Manufacturing, Inc. file for relief under Chapter 11”. The statement that follows explains that the Chapter 11 was filed with the United States Bankruptcy Court for the Middle District of North Carolina on Friday. Alevo said that it wanted to use the bankruptcy supervision to “achieve an orderly liquidation of assets” and maximise “value to pay their creditors”.