2 January 2013
Press ReleasesAtraverda, the South Wales-based ceramic bipolar battery maker, filed notice of its intention to appoint James Cowper Kreston as administrators at the High Court in London on Monday 17th December. The Company - whose advanced ceramic batteries represent the next technological step in the development of lighter, more effective lead/acid batteries - was forced to close down production at its factory on the Roseheyworth Business Park outside Abertillery in November.
The directors and their financial advisers had worked hard throughout 2012 to raise growth capital for the company. An offer under negotiation failed to complete. As a result the workforce of 44 has 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.
Graham Ryan, the company’s chief executive, 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 Kreston, 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.”
Peter Whalley, Partner, James Cowper Kreston LLP, Tel +44 (0)2380 221222 or email
