Trion Battery Technologies Inc., a Calgary-based company that designs and manufactures proprietary silicon anode materials and Lithium Iron Phosphate batteries, obtained protection under the Companies’ Creditors Arrangement Act on February 20, 2026.
In June 2022, Trion acquired Liacon GmbH, later renamed TRION Battery GmbH, adding automated cell production facilities near Dresden, Germany. The Dresden plant has current annual capacity of approximately 5,000 batteries, with potential expansion to 95,000 units with additional lines and infrastructure. Trion also operates a U.S. silicon division, TRION Energy Solutions Corp., with a pilot facility in St. Paul, Minnesota.
For the nine months ended November 30, 2025, Trion generated US$466,348 in revenue against expenses of US$16.5 million, producing a net operating loss of US$17.2 million. The capital structure reflects multiple tranches of convertible debt. Series A debentures total $18,589,900 in principal outstanding, while Series B debentures total $7,714,800 and matured on December 31, 2025. A 10% unsecured convertible debenture agreement with VCM Global Asset Management Ltd. carries US$1.5 million in principal and matured on December 7, 2025. Bridge loans advanced in February and May 2025 total AUD$2.5 million and AUD$300,000 respectively. Liquidity pressures intensified after a proposed IPO on the Australian Securities Exchange failed.
The company sought to extend debenture maturities, but in mid-December 2025 the Tribeca investor group advised it would not invest further funds. As at November 30, 2025, the financial statements indicate that Trion had total liabilities of approximately US$64.7 million. It had approximately $23,000 in its bank account and had missed payroll due February 15, 2026.
Under a restructuring support agreement, Tribeca-related entities agreed to support the CCAA filing, forbear from enforcing remedies, and back a sale and investment solicitation process. Rockford Equity PTY Ltd., a Tribeca affiliate, is providing debtor-in-possession financing.
FTI Consulting Canada Inc. is monitor. Counsel is DLA Piper (Canada) LLP for the company, Bennett Jones LLP for the monitor and Stikeman Elliott LLP for the Tribeca entities.
