July 24, 2017 5:35 PM ET

Electrical Equipment

Company Overview of Aquion Energy, Inc.

Company Overview

Aquion Energy, Inc. designs, manufactures, and sells batteries and battery systems. The company offers solar batteries and saltwater batteries for homes and small businesses, as well as commercial, industrial, utility, and OEM storage projects. It serves customers through a network of authorized distributors in the United States and internationally. The company was formerly known as 44 Tech Inc. and changed its name to Aquion Energy, Inc. in 2010. Aquion Energy, Inc. was founded in 2007 and is based in Pittsburgh, Pennsylvania. On March 8, 2017, Aquion Energy, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware. As per t...

32 39th Street

Pittsburgh, PA 15201

United States

Founded in 2007

Phone:

412-904-6400

Key Executives for Aquion Energy, Inc.

Chief Executive Officer and Director
Age: 51
Founder, Chief Technology Officer, Chief Scientist and Director
Chief Financial Officer
Age: 60
Chief Operating Officer
Age: 63
Vice President of Human Resources
Compensation as of Fiscal Year 2017.

Aquion Energy, Inc. Key Developments

Motion for Asset Sale Approved for Aquion Energy, Inc.

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of Aquion Energy, Inc. on June 21, 2017. The debtor has been authorized to sell substantially all of its assets to Juline-Titans LLC, the winning bidder at the auction, for a purchase price of $9.16 million. At the auction held, Juline-Titans LLC emerged as the winning bidder by offering a purchase price of $9.16 million whereas Bluesky Energy US, Inc., the stalking horse bidder, had offered a final purchase price of $2.8 million. The sale is expected to close by July 15, 2017.

Notice of Successful Bidder And Asset Purchase Agreement Filed by Aquion Energy, Inc.

Aquion Energy, Inc. filed a notice of successful bidder for the sale of substantially all of its assets in the US Bankruptcy Court on June 21, 2017. As per the notice, at the auction held on June 20, 2017, the debtor received three additional bids for substantially all of its assets. Juline-Titans LLC has been designated as the successful bidder. The debtor also filed an Asset Purchase Agreement dated June 20, 2017, with Juline-Titans LLC as the purchaser, for a purchase price of $9.16 million. As per the Asset Purchase Agreement, the purchaser shall make a signing deposit of $0.30 million and an additional deposit of $0.45 million. Enpower Energy Corp., Ltd. has been designated as the Back-up Bidder, for a back-up bid of $9.11 million. The Sale Hearing shall take place on June 21, 2017. The sale is expected to close by July 15, 2017.

Aquion Energy To Be Sold In Auction

Aquion Energy, Inc. will be sold at an auction on June 20, 2017. BlueSky Energy has submitted a so-called stalking horse bid of $2.8 million. If anyone else is interested, the rival bidder will have to pony up $3 million, with bids due June 16, 2017.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 21, 2017
--
Merger/Acquisition
May 24, 2017
--
Bankruptcy
March 8, 2017
--
 

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