- Associated Press - Sunday, February 18, 2018

CONCORD, N.C. (AP) - A bankruptcy court filing that shows a high-tech battery maker has found a buyer for most of its assets also indicates that it’s unlikely the boxcar-sized batteries will be manufactured again at the North Carolina plant.

The Charlotte Observer reports the filing for Alevo Manufacturing Inc. says an unspecified bidder has contracted to buy the assets of the Concord unit for $5 million. The sale is expected to close Tuesday.

The U.S. operations of the Swiss-based company filed for Chapter 11 bankruptcy in August, laying off 290 workers. The company’s batteries were supposed to help power companies save energy or shift to wind and solar power.

The filing adds that financial problems at the company’s Swiss parent made it difficult to sell intellectual property and possibly continue production in Concord.


Information from: The Charlotte Observer, http://www.charlotteobserver.com

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide