A BROMSGROVE based battery technology company has gone into administration.
Aceleron, an innovative lithium battery developer, appointed administrators, FRP Advisory, on September 12 after struggling to secure further investment.
The company was founded in 2016 by Dr. Amrit Chandan and Carlton Cummins, and was known for creating patented sustainable battery technology.
FRP Advisory administrators, Marytn Rickels and Simon Farr, were appointed because Aceleron is no longer able to meet its financial obligations.
Aceleron and its assets will now be marketed for sale. All 11 employees have been made redundant.
Simon Farr, FRP director said: “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.”
Dr. Amrit Chandan was previously recognised in the Science & Healthcare category of the Forbes 30 under 30 Europe list in 2017.
The company had received more than £9.5m in investment over the years from names such as BGF, Mercia Asset Management, and Mobility 54 and has been endorsed by the Department for International Trade for its work in Africa.