Energy storage company Xtreme Power has filed bankruptcy petitions in Texas as it seeks to find a buyer. The voluntary Chapter 11 petition was filed the United States Bankruptcy Court for the Western District of Texas.
The company’s core engineering, project development and operations staff will remain in place during this process.
Alan Gotcher, Xtreme Power CEO, said that the company’s general creditors will provide the necessary financing, including debtor-in-possession (DIP) financing, to enable the search for an appropriate acquirer to proceed. The filing was structured to allow one of the company’s creditors to file a stalking horse bid for the company. The company is seeking a superior stalking horse bid by February 28th, with a subsequent bankruptcy auction.
“We are very pleased with the steps taken by our general creditors that are supporting our Chapter 11 process and ultimate sale of the company,” Gotcher said in a statement.
The company is in partnerships with GE Energy Storage, Samsung SDI and Duke Energy. Any acquirer would be free and clear of liabilities.
Gotcher said that the company’s strong pipeline should be very attractive to potential buyers. The company has 12 projects in the field accounting for 60 MW of grid-scale installations, ranging from 1MW up to 36 MW.
Xtreme Power’s operational experience includes more than 34,100 MWh charged and discharged over 472,200 hours of integrated power unit operation. Xtreme Power has already built the largest energy storage system of its kind for Duke Energy’s Notrees wind energy farm in Texas, and has operations spanning from the Hawaiian Islands to the South Pole.