Thursday, January 23, 2014

Xtreme Power Files For Chapter 11

In some bad news for the Texas startup community, Kyle, Texas-based energy storage and management startup Xtreme Power said Thursday that it has filed for Chapter 11 bankruptcy, and is in the process of identifying an acquirer. According to Xtreme Power, its creditors have agreed to debtor-in-possession financing (DIP) to seek an acquirer for the company. Xtreme Power said it has retained its core engineering, project development and operations staff, and it has also hard Gordion Group LLC to help in finding a buyer. Xtreme Power had been venture backed by SAIL Venture Partners, Bessemer Venture Partners, The Dow Chemical Company, Fluor Corp., BP Alternative Energy, Dominion Resources, POSCO ICT, SkyLake & Co. and Spring Ventures, LLC.