Catherine Boudreau’s Post

BlocPower, a former darling of the climate tech world that electrified low-income homes, is saddled with debt and now faces restructuring. Latitude Media obtained a July 13 letter sent to investors in a BlocPower crowdfunding campaign, who now risk losing their money. The company raised more than $3 million from these campaigns. BlocPower management said they received an offer for some of its software and IP, but the sale wouldn't be enough to cover all its debt. “Given the gap between the initial offer and the total obligations owed to BlocPower’s creditors, management is simultaneously exploring a restructuring path,” it said. “This would involve working directly with debt holders — including our crowdfunding investors — to develop a viable go-forward plan for the company independent of, or in addition to, a partial asset sale.” It's the latest setback after former cofounders Keith Kinch and Donnel Baird resigned in 2024 amid fallout from partnerships with Ithaca, NY, Menlo Park, CA, and other cities. If you invested in BlocPower and want to chat, email me at catherine@latitudemedia.com or on Signal cboudreau.37 Story here: https://lnkd.in/ga9dzMat