Battery maker Energy Renaissance enters administration in Australia
Lithium ion battery maker Energy Renaissance has gone into administration in Australia after a key investor pulled out of a planned funding round, leaving the company in a cash crisis.
Lithium ion battery maker Energy Renaissance has gone into administration in Australia after a key investor pulled out of a planned funding round, leaving the company in a cash crisis.
Australian lithium ion battery producer Energy Renaissance has gone into liquidation, just months after celebrating a decade in business.
The company, which makes high energy density, air-cooled lithium iron phosphate (LFP) battery energy storage systems, also recently launched a new cyber-secure battery designed by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and built by Energy Renaissance at its gigafactory in Tomago, New South Wales.
On Aug. 13, Stewart Free and Bradd Morelli of national insolvency and business recovery firm Jirsch Sutherland were appointed Joint and Several Administrators of ER Industrial Pty Ltd (formerly Energy Renaissance Pty Ltd).
Free told pv magazine that the appointment of Jirsch Sutherland was triggered by the withdrawal of a major investor from a planned funding subscription program, which left the company in a cash crisis.
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