Breaking News

Non-resident tests positive for Covid-19 on 30/5 bringing confirmed number to 99: 90 cured, 1 hospitalised in ICU, 1 resident death, 3 non-resident deaths

Company reportedly linked to Rybolovlev declares insolvency

Company reportedly linked to Rybolovlev declares insolvency

By Staff Writer - August 21, 2017

Dmitry Rybolovlev Photo: Francknataf
Dmitry Rybolovlev Photo: Francknataf

Alevo Manufacturing Inc has informed state officials in North Carolina that it is immediately shutting down its factory inside a massive, former Philip Morris USA cigarette plant and filing for bankruptcy protection. The company said it was laying off 245 workers right away and the remaining 45 by the end of September “due to unforeseen business circumstances”.

The company had said in 2014 it intended to employ up to 2,500 workers by this year at its factory in Concord and had planned to sell its batteries to electric grid operators and utilities. Instead, the Alevo said it would liquidate its assets under a Chapter 11 bankruptcy case and try to pay off its creditors.

“Despite demonstrating the advantages of its groundbreaking battery technology, Alevo Manufacturing Inc has had “significant production challenges and thus insufficient revenue to continue operations,” the company said. The company sought new funding to keep operations going, but “despite best efforts, the funding has not been realised in time to permit continued operations”.

Alevo’s high hopes were impacted as electricity is regulated differently in each US state, and it is not clear in many cases how utilities could make money employing Alevo’s battery.

Earlier this year, Alevo reported that that Russian oligarch and owner of AS Monaco Football Club, Dmitry Rybolovlev, had invested in the company.


RELATED ARTICLES 

Special lunch for AS Monaco

Rybolovlev loses latest round in art case

 

shares
SHARE
Previous articleMonaco basketball adds star Italian player
Next articleNew COO appointed at Gaslog

daily

June 1, 2020 | Local News

More lockdown restrictions removed

Stephanie Horsman

Tuesday marks the next phase in the easing of restrictions in France, offering people a glimmer of hope for summer.

0
Cassandra Tanti

The oral exam for the baccalaureate in Monaco is cancelled this academic year and third trimester will not count towards final results, in line with a decision by France’s education department.

0
May 30, 2020 | Local News

Grimaldi Forum reopening doors

Stephanie Horsman

Since the strictest of the lockdown rules were lifted in early May, the Grimaldi Forum team has been hard at work to make the venue a safe and welcoming place for the public when events start back in autumn.

0
Cassandra Tanti

National Council President Stéphane Valeri has visited the Grimaldi Forum to thank the team behind the screening campaign, while also encouraging more people to take the Covid-19 antibody test. 

0