Fri, 23 Aug 2019 | ADMINISTRATION
Faraday Grid, an Edinburgh-headquartered energy transformer technology start-up company, has been put into administration after running out of funds to take the business to the next stage.
The company was placed into administration despite securing a £25 million investment injection from WeWork co-founder Adam Neumann. Although the money was set aside to assist Faraday Grid expand into international markets, further investment was needed to support research and development. The failure to secure further funding forced the company to call in professional advisory firm Grant Thornton LLP to handle the administration process.
A statement from the administrators said: “The company had previously received investment to fund its research and ultimately, the further development of its Faraday Grid architecture. However, it became apparent that significant further funding would be required to enable its research and development to progress through to its next state. Unfortunately, the directors were unable to secure the necessary level of investment.”
Faraday Grid was established in 2016 and launched into the UK market in 2017 in a bid to bring new exchanger technologies to facilitate a more efficient transfer of renewable energy to the grid. It was named “Faraday Grid architecture”, and was set to be in a pilot project with UK Power Networks (UKPN) this year.
However, the project was halted as a result of no technology being installed for UKPN.
A spokesperson for UKPN said: “No customer money was invested into any projects with Faraday Grid and we will continue to deliver our programme of innovation projects that have already saved customers £182 million since 2014.”
The administrators are inviting offers of interest from potential buyers who are looking to purchase Faraday Grid’s assets or take over the business as a whole.
Click here to view the Faraday Grid Limited listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
Profitable and 10-year established telecoms and technology services company based in Lincolnshire complete with Freehold premises. With a large proportion of turnover coming from ongoing and retained client business, the company has a fantastic reput...
LEASEHOLD
Provider of complete video content management software solutions for the creation, delivery, and monitoring of both live and on-demand media content. With expertise in streaming software, the company’s offering simplifies the integration of streaming...
Specialists in the design, build, development & management of large websites, web platforms & Content Management Systems using Microsoft .NET technology, particularly Kentico & Umbraco. Existing Kentico partners. Large digital consultancies. Website...
|
27
|
|
Mar
|
Addison Lee acquired by consortium of investors | BUSINESS SALE
Addison Lee Group, London’s biggest private care hire ...
|
26
|
|
Mar
|
Leicestershire building products firm enters administration | ADMINISTRATION
Leicestershire-based System Building Products Limited has en...
|
25
|
|
Mar
|
Kaupthing plans sale of Oasis and Warehouse | BUSINESS SALE
Icelandic-owned UK women’s fashion retailers Oasis and...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources