A sale process is now underway to find a buyer for its intellectual property and assets.
Despite extensive efforts, the company was unable to secure further funding to support the continued development of its technology and products.
While Lontra's blade compressor technology showed considerable potential, the business encountered significant challenges in introducing its green tech product to the market. This came amidst constraints with both investment funding and industrial capital expenditure in the sector.
Forty five employees have been made redundant, with seven retained for a limited period to assist the administrators. The business has ceased trading and the administrators are searching for a buyer for the company’s intellectual property and assets.
“The company had an exciting proposition which had been in development for over 10 years and received considerable investment. However, the inability to source sufficient further funding has necessitated the appointment of administrators,” said Phil Pierce, partner at FRP and joint administrator. “We are now focused on exploring options to sell the Company’s assets, in particular the intellectual property, and encourage any interested parties to come forward.”
Interested parties should contact Greg Carr at FRP.
