Wed, 20 Sep 2023 | ADMINISTRATION
Bromsgrove-based Aceleron, an innovative developer of lithium batteries, has fallen into administration after struggling to secure additional investment. The company, which was founded in 2016, creates patented sustainable battery technology which aims to accelerate the move to renewable energy.
Since it was founded, the company has received over £9.5 million in investment, with investors including Mercia Asset Management, BGF and Mobility 54. However, a failure to secure further investment for its growth plans meant that the company was unable to meet its financial obligations.
As a result, the company moved to appoint FRP Advisory’s Martyn Rickels and Simon Farr as joint administrators. The joint administrators will now market the business and its assets for sale, with all 11 employees having been made redundant upon their appointment.
In its accounts for the year to December 31 2022, Aceleron’s fixed assets were valued at £272,103 and current assets at £2.6 million. At the time, the firm owed close to £880,000 to creditors, leaving it with net assets of slightly over £1.9 million.
Joint administrator and FRP director Simon Farr commented: “Aceleron had sought further investment this year to support growth plans and further scale the business, however given the challenging investment climate, this was not forthcoming.”
“We would encourage any parties with an interest in acquiring the business or its assets to make contact with us as soon as possible. We will continue to work with the impacted staff to make sure they access the appropriate support through the Redundancy Payments Service.”
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