Fri, 26 Jul 2024 | ADMINISTRATION
A tunnelling construction technology company based in Basingstoke has fallen into administration after struggling under severe debts and being unable to repay its principal investor. hyperTunnel was founded in 2018 and sought to integrate innovative technologies, such as machine learning, AI and swarm robotics, into tunnelling.
The company garnered attention as a result of its innovative 3D printing tunnelling method, which utilised horizontal directional drilling bore pipes. The company had won a research and development contract with Network Rail and garnered investment from Vinci, as well as a grant for a Welsh demonstration project.
The firm developed its automated construction method at its Hampshire research facility, where it unveiled the first ever entirely robot-built underground structure in 2022. According to the company, it was able to build tunnels over ten times faster and at around half the cost of conventional techniques.
However, the company also amassed substantial debts and had reportedly faced a deadline to repay Thai investor Hamersley £14.8 million, including interest. In hyperTunnel Limited’s most recent accounts at Companies House, for the year ending April 30 2023, its assets were valued at around £1.7 million, but its liabilities totalled £9.6 million.
Paul Davis and Timothy Dolder of Opus Business Advisory Group were appointed as joint administrators of hyperTunnel Limited and hyperTunnel Holdings on July 23.
Efforts to secure investment, sell the business or restructure its debt proved unsuccessful, with the firm’s appeal to potential investors reportedly impacted by the debt repayment due at the end of the month. Updates on the process are expected soon, with the future of the company’s 37 staff currently uncertain.
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