Aquion Energy Inc.

• 3/8/17 Recap: The Pittsburgh-based manufacturer of saltwater batteries used for energy storage has filed for bankruptcy after burning through tens of millions of dollars. The goal is to explore an asset sale. Prepetition efforts by Citi Global Markets Inc. to attract a buyer or raise capital for the company fell short (something tells us their engagement letter and tail payment are going to be in the rejection bin). The privately-owned company received $180mm of venture capital money from high profile investors like Bill Gates (labeled the "kiss of death in energy storage" here and conveniently omitted from mention in the filing declaration), top venture capital fund Kleiner Perkins Caufield & Byers, and corporate venture capital units of Total, Exelon Corporation and Royal Dutch Shell. This case is generally smaller than what we cover but it is representative of the fact that, despite widespread adoption of renewable energy sources, storage solutions are very expensive to deploy.  
• Capital Structure: $20mm TL (~$5.2mm funded)(Trinity Capital Fund II LP)
• Jurisdiction: D. of Delaware     
• Company Professionals:
  • Legal: Pachulski Stang Ziehl & Jones LLP (Laura Davis Jones, David Bertenthal, Joseph Mulvihill, Maxim Litvak) & (special counsel) Morgan Lewis & Bockius LLP (Julia Frost-Davies)
  • Financial Advisor: Protiviti Inc. (Suzanne Roski)
  • Claims Agent: KCC (*click on company name for docket)
  • Other Parties in Interest:
    • Trinity Capital Fund II LP
      • Legal: Cooley LLP (Robert Eisenbach) & (local) Ashby & Geddes PA (William Bowden, Karen Skomorucha Owens)
    • Official Committee of Unsecured Creditors:
      • Legal: Lowenstein Sandler LLP (Jeffrey Cohen, Barry Bazian, Andrew Behlmann) & (local) Klehr Harrison Harvey Branzberg LLP (Richard Beck, Sally Veghte)

Updated 5/31/17