A little more a year after celebrating the completion of its first “GigaPod” at Pangborn Memorial Airport, Giga Watt Inc. has filed for bankruptcy.
The Chapter 11 filing in federal bankruptcy court lists almost $70 million owed to creditors with minimal company assets.
Giga Watt had planned 17 such pods to provide space to cryptocurrency miners. But troubles have plagued the company almost from the start, including numerous lawsuits from investors and construction liens from contractors.
Listed among its creditors is the Douglas County PUD, which is owed more than $310,000, according to the filing. Also listed are several North Central Washington businesses involved in the construction work.
Meaghan Vibbert, public information officer for the PUD, said most of the money it is owed is related to planning costs for a substation that would have served the power-thirsty cyyptocurrency miners. The substation is likely to be built regardless of Giga Watt, she said.
Port of Douglas County Executive Director Lisa Parks, which manages the space leased by Giga Watt, said the port was in the process of evicting the company when word came of the bankruptcy filing.
Giga Watt founder Dave Carlson resigned in August and in September the company announced it was slashing its workforce from 70 to 13 employees.