Tuesday, March 14, 2017

Pa seeks grant, loan repayment from bankrupt Aquion

Darrell Sapp/Post-Gazette

During a tour of Aquion Energy in 2012, then-U.S. Commerce Secretary John Bryson, left, talks with, from left, Aquion CEO Scott Pearson, chief technical officer Jay Whitacre and then-Pittsburgh Mayor Luke Ravenstahl.


Daniel Moore reports for The Pittsburgh Post-Gazette: 

Aquion Energy, which filed for Chapter 11 bankruptcy last week, received nearly $19 million in grants and loans from the Pennsylvania Department of Community and Economic Development.

Because Aquion, a Carnegie-Mellon University spin-out focusing on battery technology, failed to hold up its end of the bargain in terms of job creation, the agency said it will pursue full recovery of that money in the bankruptcy reorganization proceeding.


Full story here 

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