The bankrupt saltwater electrolyte battery developer had raised $190m in financing since it was spun out from Carnegie Mellon eight years ago, but was bought for less than $9.2m.
Energy and oil producer China Titans Energy Technology Group has acquired Aquion Energy, a bankrupt US-based energy storage technology developer spun out from Carnegie Mellon University, for $9.16m, according to a regulatory filing.
Aquion is developing aqueous hybrid ion (AHI) batteries and system that will use saltwater electrolyte technology to store power generated by renewable energy systems. It filed for bankruptcy in March this year after raising about $190m in debt and equity financing.
Investors in Aquion, which was founded…
