Powin Energy

Earlier this year, Tualatin-based renewable energy company Powin went bankrupt, setting the stage for its corporate investors to assert nine-figure claims under the Oregon Securities Law. Powin designs, builds and operates grid-scale battery installations that are essential to a green energy grid. Powin attracted significant equity investment, including a $135 million funding round in 2022. In June 2025, Powin entered chapter 11 bankruptcy, a proceeding that will likely result in its equity investors taking nearly a complete loss.

Preliminary analysis suggests that Powin’s investors may have claims under the Oregon Securities Law, which is the country’s most investor-friendly Blue Sky law. Powin sold the securities from its location in Oregon, which triggers application of the Oregon Securities Law. The key question is whether securities sales occurred by means of an untrue statement of material fact or failure to state a material fact, necessary to make the statements made not misleading. ORS 59.115(1)(b). Initial indications suggest further investigation into the company’s securities sales is warranted. In their initial bankruptcy filings, Powin’s Chief Restructuring Officer explained that Powin suffered several problems that led to its bankruptcy, including “a real credibility problem.” The document does not elaborate on what the problems were, but it could be read to suggest potential violations of the Oregon Securities Law. If so, Powin’s investors may have an avenue to pursue recouping the cost of their investment, plus 9% interest, plus attorney fees.

One of the strengths of investors’ claims under the Oregon Securities Law is that certain nonseller third parties are jointly and severally liable with the seller. There can be no doubt that Powin’s equity sales involved professional services from top-tier law firms, accounting firms, and others who may have “materially aided” the sale. The solvency and insurance of these nonsellers may provide investors with a path to recover at least some of their losses.

We have not yet seen a case filed asserting these claims and the statute of limitations clock is running.

Larkins Vacura Kayser has successfully litigated Oregon Securities Law claims on behalf of corporate investors, including its recent representation of Bend-based venture fund Seven Peaks Ventures relating to its investment in crypto currency company Prime Trust.

Contact: Chris Kayser or Tom Bode