Saturday, April 13, 2024
Hawai'i Free Press

Current Articles | Archives

Friday, January 24, 2014
Company Behind Kahuku Windfarm Fire Files Bankruptcy
By News Release @ 11:53 PM :: 6781 Views :: Energy, Tax Credits

Xtreme Power Seeks Strategic Sale Through Chapter 11

News Release from Xtreme Power

KYLE, Texas, Jan. 23, 2014  -- Xtreme Power, a world-class leader in integrated power management systems and energy storage solutions, announced today that it filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Western District of Texas. The Chapter 11 filing will enable the company to continue its operations at all locations as it begins a process to identify an acquirer. The company's core engineering, project development and operations staff will remain in place during this process.

Alan Gotcher, Xtreme Power CEO, said that the company's general creditors will provide the necessary financing, including DIP financing, to enable the search for an appropriate acquirer to proceed. He also said that the Chapter 11 filing was structured to allow one of the company's creditors to file a stalking horse bid for the company in the event that alternative bids during the Chapter 11 process prove to be insufficient. The company is seeking a superior stalking horse bid by February 28th, with a subsequent bankruptcy auction.

"We are very pleased," said Gotcher, "with the steps taken by our general creditors that are supporting our Chapter 11 process and ultimate sale of the company. With our industry-leading expertise, our world-class partnerships with other leading companies including GE Energy Storage, Samsung SDI and Duke Energy, I have no doubt new owners will find Xtreme Power an attractive acquisition, particularly given that we will be free and clear of liabilities."

Xtreme Power retained Gordian Group LLC to assist in the sale of the company. The move comes as interest in Xtreme Power continues to grow. Gotcher said that he predicts a speedy timeline for finding a new owner.

Gordian Group LLC is one of the nation's leading independent investment banks specializing in complex and/or distressed financial advisory and mergers and acquisitions work. Gordian will work with Xtreme Power to help manage the sale process. Interested parties are encouraged to expeditiously submit bids through the Gordian Group ahead of the late February deadline.

Gotcher said that the company's strong pipeline should be very attractive to potential buyers. "With the pipeline in excess of$100 million and letters of intent for $65 million, we have a solid base of new business. We also expect EBITA--earnings before interest, taxes, depreciation and amortization--to be at break-even by later this year with significant upside potential to both EBITA and revenue.

"I believe we're a great company poised for a bright future of renewable energy generation, storage and transmission, " Gotcher added.

With 12 projects in the field accounting for 60 MW of grid-scale installations, ranging from 1MW up to 36 MW, Xtreme Power's operational experience includes more than 34,100 MWh charged and discharged over 472,200 hours of integrated power unit operation. The grid-scale energy storage market is poised for significant growth in the next five years. Xtreme Power has already built the largest energy storage system of its kind for Duke Energy's Notrees wind energy farm in Texas, and has operations spanning from the Hawaiian Islands to the South Pole.

Interested bidders should contact Gordian Group LLC, care of Matthew Jacobs at (212) 486-3600 ext 114 or mj@gordiangroup.com--www.gordiangroup.com for more information.

---30---

About Xtreme Power

Xtreme Power provides scalable, real-time power management and energy storage solutions that enable a more sustainable, reliable, and cost effective electric grid. Xtreme Power's systems combine real time controls and intelligent power conversion systems with efficient energy storage technology engineered specifically to the needs of its customers. Xtreme Power enables multiple participants and technologies to simultaneously operate on the electric grid providing new flexibility that has never been possible before. Xtreme Power is a US company backed by investors SAIL Capital Partners, Bessemer Venture Partners, The Dow Chemical Company, Fluor Corp., BP Alternative Energy, Dominion Resources, POSCO ICT, Skylake & Co. and Spring Ventures, LLC. A 2012 Bloomberg New Energy Pioneer, Xtreme Power earned the 15th spot on Inc. Magazine's 500|5000 list of the fast growing private companies in the U.S. in 2012 – the company's second year in a row making the list. For more information, please visit http://www.xtremepower.com.

  *   *   *   *   *

IM: Extreme Failure

BACKGROUND: Xtreme Power: A Pig-in-a-poke For Hawaii Wind Farm

Predictable Result: Lloyds of London Lawsuit Reveals Story Behind Kahuku Windfarm Fires

First Wind Proves it has learned nothing: Playing with Fire: Kahuku Windfarm to Install Molten Magnesium Batteries

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT