Alevo, the Swiss battery maker that took over the massive 2,100 acre Philip Morris cigarette factory in Concord has just filed for Chapter 11 bankruptcy protection and said they will be laying off all 290 Concord workers.
They first purchased the old factory in 2014, promising millions of dollars in local economic development and hundreds of jobs for the city, but their global sales have fallen far short of their projections.
According to a statement released by the company, the succeeded in producing some truly “groundbreaking battery technology” at the Concord site, but production challenges left it short on financing, and although they’ve been actively seeking new funding, they weren’t able to find enough in time.
“This decision was driven by the formidable challenges of bringing a new technology into commercial production and lacking the financial wherewithal to continue on through repeated manufacturing delays,” Alevo Chief Financial Officer Peter Heintzelman said in a statement. “It is a sad day for our dedicated employees and partners, as well as for the promise of Alevo’s technology.”
The company just laid off 245 employees today and will be laying off the remaining 45 by this coming Sept. 30th. They’ve also begun the process of selling all their assets, as well as the old Phillip Morris Factory.