ReVolt Technology officially files bankruptcy
By Matthew Kish
ReVolt Technology, which received support from taxpayers, officially filed for bankruptcy protection in Norway where the parent company was based.
The parent company of a taxpayer-backer battery technology company has filed bankruptcy in a Norwegian court.
The company had been developing a zinc-air battery technology that it said could deliver twice the energy of conventional rechargeable battery technologies, such as lithium-ion.
The Business Journal has been unable to reach ReVolt company officials.
Before it abruptly closed its doors, ReVolt received several taxpayer subsidies:
- $5 million from a federal grant program.
- $3.4 million from the state of Oregon's Small Scale Energy Loan Program.
- $1.15 million from a Portland Development Commission loan program
- $500,000 from the governor’s Strategic Reserve Fund.
A copy of the company’s bankruptcy filing was not immediately available.
The Business Journal confirmed the filing with sources at the Portland Development Commission and the state of Oregon, which are creditors in the bankruptcy.
ReVolt had not taken out roughly $2 million of its loan from the state and $1 million of its loan from the Portland Development Commission, meaning Oregon government entities are owed $3.5 million.
At such an early stage of a bankruptcy, it's impossible to predict what creditors will recover.
But public documents the Business Journal received as part of a records request show the state and the Portland Development Commission have a decent chance of recouping some, if not all, of the money owed.
Each required collateral in order to make the loans and $4.5 million in collateral was pledged. The collateral is mostly equipment at ReVolt's headquarters and manufacturing plant near Portland International Airport.
"We're comfortable with our collateral level," said Anthony Buckley, the Oregon Department of Energy's Energy Development Services Division administrator.
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