Silicon valley-headquartered flow battery maker Imergy Power Systems has entered into ABC insolvency and terminated the contracts of all its staff, the company has confirmed.
Investors withdrew their support for Imergy, which subsequently appointed advisory firm Sherwood Partners to dispose of its assets and intellectual property assets.
A company spokesperson said Sherwood is the main creditor, describing the firm as “the Gold Standard to monetizing IP and Technology companies in the distressed”.
Imergy was unable to provide any number on the amount that could be recovered and declined to comment on the number of staff affected.
In March last year, US renewable energy developer SunEdison said it was planning to power rural electrification and micro-grid projects in India with vanadium flow batteries through purchasing more than 100MWh from Imergy, but this never materialised.
In September 2015, Imergy was also chosen to provide energy storage for telecommunications networks in China.