I must confess I was surprised at this news. I wrote not so long ago of a pending bloodbath in the energy storage market, but I expected that more in the Lithium space, Hot on the news of the 'restructure' and change of focus at Leclanche it shows volatility and risk in the market. This news also shows the difficulty of taking a company through the valley of death from funding to commercial solvency. I fully expect the company to be acquired as a going concern, or at the very least for the IP to be taken on.
Energy storage now accounts for over 60% of our business, we're confident of our clients and the sector as a whole, but much like my previous 10 years in Solar, it's going to be a challenging ride.
What a difference two months can make. After winning the coveted North American Company of the Year Award by the Cleantech Group in January, Aquion Energy went before a bankruptcy judge in Delaware yesterday to file for Chapter 11. Founded in 2008 by Jay Whitacre, the company had planned to sell its saltwater batteries in the microgrid, commercial-and-industrial, and grid storage markets. Unfortunately, the company didn’t have its first commercially launchable product until 2014. By then, the energy-storage market had become so competitive it was hard for Aquion to gain enough marketshare to keep its head above water.