CONCORD, NC – Alevo USA, Inc. and Alevo Manufacturing, Inc. will file for Chapter 11 bankruptcy today and close operations at their facility in Concord, NC.
Despite demonstrating the advantages of its groundbreaking battery technology, Alevo has significant production challenges and thus insufficient revenue.
The Company has been actively seeking new funding sources to finance its operations and growth strategies. Unfortunately, despite best efforts, the funding has not been realized in time.
“Filing for Chapter 11 bankruptcy is a difficult, but necessary decision”, said Peter Heintzelman, Alevo CFO, “this decision was driven by the formidable challenges of bringing a new technology into commercial production and lacking the financial wherewithal to continue on through repeated manufacturing delays. It is a sad day for our dedicated employees and partners, as well as for the promise of Alevo’s technology.”
