Thu, 15 Oct 2015 | ADMINISTRATION
Gas2, a technology business based in Aberdeen, has entered administration after failing to progress to the next stage of its development.
The company, which has received some £18 million worth of investment over ten years, has developed a technology that transforms gas to liquid. It is designed to maximise returns from mothballed or marginal gas fields but could also enable the distribution of gas as a liquid into remote areas.
Administrators Iain Fraser and Tom MacLennan of FRP Advisory have been appointed now and will be seeking buyers for the company's intellectual property and its other assets.
Mr Fraser commented: “We hope that an entrepreneur or business that recognises the potential will acquire these valuable assets and bring this exciting new technology to market.”
He added that the technology still has “significant market potential” noting the company has focused on “perfecting a new technology that has the potential to cause a seismic shift in the GTL [gas to liquid market]”, but the next stage is unclear until a buyer can be found.
Gas2 was born out of a relationship established with The Robert Gordon University which helped to advance the technology. It went on to secure funding based on the results of successful scientific tests and eventually took on a pilot plant site.
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