South Wales-based ceramic bipolar battery maker Atraverda this week filed notice of administration, appointing James Cowper to perform the task at the High Court in London this week.
Earlier this year Atraverda told BikeBiz how it had been innovating in the battery market with technology for use in the e-bike sector and beyond, namely a new type of lead battery, offering performance similar to that of lithium cells, but at a fraction of the cost.
The company was forced to close down production at its factory on the Roseheyworth Business Park outside Abertillery in November. According to a statment, the directors and their financial advisers had worked hard throughout 2012 to raise growth capital for the company and an offer under negotiation failed to complete.
The workforce of 44 has now been informed that the Company expects to go into administration later this week, once certain notice formalities have been observed. Staff members have been informed that the closure of the shop floor will almost certainly lead to a significant redundancy round.
Atraverda chief exec Graham Ryan said: “This is a very sad day for Atraverda. The Company has had a really good year bringing its technology onto a commercial footing. There are field trials of products currently running in a number of countries with prospective customers showing commercial interest in incorporating the batteries into their own product specifications. Unfortunately, we required further development funding to reach that goal which, in the current financial climate, has proved impossible to secure.”
Peter Whalley, the head of restructuring and insolvency at James Cowper, said: “It is a shame that a Company which appeared to be making such great strides in developing new technology to improve a product as ubiquitous as the lead/acid battery has had to take this step. Nevertheless, we shall be starting an extensive marketing campaign to find a buyer for Atraverda’s ceramic bipolar battery production capability in the New Year.
“For someone, whether currently here in the UK or overseas, this represents an excellent opportunity to acquire a technological advantage in a market which is enormous in global terms. There is an extraordinary amount of technical know-how and patented intellectual property which is now available and we would urge potential acquirers to come forward without delay to register an interest. Atraverda is retaining a small team capable of recommencing production if a buyer for the entire facility comes forward.”