A battery manufacturer located in Concord, North Carolina, filed for Chapter 11 bankruptcy, resulting in 290 lost jobs, according to a filing with the North Carolina Department of Commerce.

Alevo USA Inc. and Alevo Manufacturing Inc., located at 2321 Concord Parkway South in Concord, ceased operations on Aug. 18.

According to the filing, 245 employees were to be terminated when the company ceased operations. The remaining 45 employees will lose their jobs no later than Sept. 30.

The company began selling assets immediately after filing for bankruptcy.

“This decision was driven by the formidable challenges of bringing a new technology into commercial production and lacking the financial wherewithal to continue on through repeated manufacturing delays,” said Alevo Chief Financial Officer Peter Heintzleman in a release. “It is a sad day for our dedicated employees and partners, as well as for the promise of Alevo’s technology.”

Alevo, a Swiss-based group of companies, established itself in Concord in 2014. The company hoped to provide innovative energy storage technology, but faced production challenges that could not be met with sufficient funding.

The batteries Alevo was looking to provide to interested companies such as Duke Energy would have increased storage capacity for renewable energies.

Alevo does have one battery, known as a GridBank, operating in Hagerstown, Maryland.

The notice was filed pursuant to the Worker Adjustment and Retraining Notification (WARN) Act, which must be filed 60 days in advance of a plant closing that affects more than 50 employees in a 30-day period or a mass layoff of at least 500 employees or between 50 to 499 employees if they make up at least one-third of the employer’s workforce.

All North Carolina filings under the WARN Act can be found here.