By Stephen Council | SF Gate
Moxion Power, the Bay Area battery maker that furloughed most of its staff on July 19, is shutting down and laying off its remaining 248 employees. The startup’s CEO and its human resources team notified employees about the shutdown in separate emails on Friday, ending the uncertainty of the furloughs after just a week.
Moxion had raised $110 million in funding over the past four years and recently began work on a huge factory next to its Richmond headquarters. But the company wasn’t able to raise more money, according to a WARN notice sent to workers on July 19 and since filed with the state, as required by the Worker Adjustment and Retraining Notification Act in the event of a large layoff.
The WARN included the titles of 248 workers to be laid off, including the C-suite, seven vice presidents, 10 directors, 18 battery associates, and a slew of engineers, managers and technicians. Now, the laid-off workers are unsure if they’ll receive severance pay, and vendors are left in the dark.
“There can be creative fundraising structures to raise money in the tech hardware market.”
– Shruti Gurudanti, Rose Law Group partner and corporate transactions director
