The startup behind a government project to convert London buses to hydrogen fuel cell power has entered administration.
Aeristech Limited, based in Leamington Spa, is a manufacturer of high-powered compressors for hydrogen fuel cells.
Begbies Traynor has been appointed as its administrator.
Last year Project HEIDI was awarded £6.3m in government funding for a hybrid powertrain project intended to transform the future of public transport via cutting-edge electronics and energy recovery technologies.
It was match-funded by participants in the project – Aeristech, Bramble, University of Bath and Equipmake – to a total of £12.7m, with the aim of retrofitting these hydrogen fuel cell electric systems into London’s red double-decker buses.
Aeristech was commissioned to design, develop and deliver a 20kW turbo-expander air compressor that will recover heat and pressure with frictionless oil-free air bearing technology and a high-speed 90k rpm motor and controller.
Publicly listed investors Vela and Sabien acknowledged the news in separate notices to the London Stock Exchange.
Vela, which is focused on early stage and pre-IPO disruptive technology investments, invested £350,000 into Aeristech in 2021.
“The board anticipates that the appointment of administrators will lead to Vela making a full provision against the value of its investment in Aeristech in its next published accounts (for the year ending 31 March 2025),” it said.
Sabien, a provider of energy reduction technologies, invested £100,000 in 2021.
Richard Parris, its executive chairman, commented: “It was very disappointing to learn of the administration of Aeristech.
“The company had a highly innovative product with significant carbon reduction potential. Sabien continues to seek aggregation opportunities in the green technology sector but will place increasing emphasis on intellectual property that we can develop and exploit in-house.”