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Cash-strapped Aquion Energy Inc., an innovative battery storage startup backed by Bill Gates and other high-profile investors, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court of the District of Delaware and laid off 80% of its workforce, the company disclosed March 8.
The Pittsburgh-based spinoff of Carnegie Mellon University collected more than $180 million in investment between 2011 and 2016, according to filings with the Securities and Exchange Commission. Among Aquion's investors were the venture capital arms of Royal Dutch Shell plc and Total SA, and Silicon Valley venture firm...