March 8 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
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
"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