Texas-based digital power management and energy storage company Xtreme Power has filed for chapter 11 bankruptcy protection in the Western District Courts of Texas so that an unidentified creditor can file a stalking horse bid to acquire it. Xtreme Power will remain active, and its engineering, project development and operational staff will all remain in place throughout the bidding process. It is looking for a competing offer by February 28th.
Xtreme Power creates energy storage systems for power generators, grid operators and commercial and industrial end users, and it has 12 projects active in the field, including a storage system for Duke Energy's Notrees Wind Farm, which is the largest battery storage project for a wind farm in the United States at 36 megawatts.
Why SolarCity (NASDAQ: SCTY) is the New Solar King
Recently, SolarCity announced it was launching a new web-based investment platform, essentially crowdfunding solar projects. If this doesn't mean much to you, listen to what we have to say about it, because it will enlighten you about this brilliant new model for investors to participate in the solar energy space.
Trillions will be spent to secure the world's energy supply over the next two decades... and all sources are on the table.
Oil, Natural Gas, Solar, Wind. There will be money made.
By signing up, you'll also get our latest report, Six Oil & Gas Steals.