Aquion Energy
The firm was lead counsel to this rising star among manufacturers of large-scale energy storage systems, which filed for chapter 11 in U.S. Bankruptcy Court for the District of Delaware in March 2017 amid struggles with fundraising from investors. The company, known for its aqueous hybrid ion battery technology, already had developed a microgrid for a California winery and just announced a partnership with Adara Power to make its storage systems remotely dispatchable. The firm assisted with a successful sale process that resulted in a buyer purchasing the company’s asserts after an auction for $9.16 million, well above the initial stalking horse bid price of $2.8 million. In December 2017, the bankruptcy court confirmed the company’s liquidating plan. Postconfirmation, the firm represented the liquidating trust that oversees review and reconciliation of filed claims and the winddown of the bankruptcy estates.
