U.S. battery subsidiary of Japanese energy giant NEC collapses due to outbreak

NEC Energy Solutions, a U.S. battery subsidiary of energy giant NEC Corp, has collapsed after seeking an unsuccessful sale because of a slump in the market and an outbreak of the new crown,media reported. NEC Energy, headquartered in Massachusetts, has sent a letter to customers that the company will begin to “end its business in an orderly manner” and that most of its employees will remain in the company until the existing projects at hand are completed.

Although NEC Energy is not looking for new business, it is committed to completing the projectundering.

U.S. battery subsidiary of Japanese energy giant NEC collapses due to outbreak

Japan Electric has previously tried to sell NEC Energy, but efforts to find the right buyer have been hampered by the current market for grid-sized battery storage, coupled with an outbreak of the new crown.

Analysts point out that NEC Energy, one of the few companies with global reach in the battery industry, has raised questions about whether its plight is unique or industry.

Steve Fludder, NEC Energy’s chief executive, will step down and be replaced by Mark Lymberg, who the company describes as “an experienced executive in the restructuring of the business”.