Thu, 15 Oct 2015 | ADMINISTRATION
Gas2, a technology business based in Aberdeen, has entered administration after failing to progress to the next stage of its development.
The company, which has received some £18 million worth of investment over ten years, has developed a technology that transforms gas to liquid. It is designed to maximise returns from mothballed or marginal gas fields but could also enable the distribution of gas as a liquid into remote areas.
Administrators Iain Fraser and Tom MacLennan of FRP Advisory have been appointed now and will be seeking buyers for the company's intellectual property and its other assets.
Mr Fraser commented: “We hope that an entrepreneur or business that recognises the potential will acquire these valuable assets and bring this exciting new technology to market.”
He added that the technology still has “significant market potential” noting the company has focused on “perfecting a new technology that has the potential to cause a seismic shift in the GTL [gas to liquid market]”, but the next stage is unclear until a buyer can be found.
Gas2 was born out of a relationship established with The Robert Gordon University which helped to advance the technology. It went on to secure funding based on the results of successful scientific tests and eventually took on a pilot plant site.
View the latest businesses in administration.
For sale is a long-established tree surgery and arboricultural services business with an excellent reputation, serving both domestic and commercial sectors across Southern England, including the Home Counties and London.
An opportunity has arisen to acquire a mechanical engineering company specialising in the Water Industry. Benefitting from over 3 decades of trading, this business has built a solid and long standing client base comprised of prominent UK utility comp...
An opportunity has arisen to acquire a reputable IT support and development services provider with a UK-wide client base and a proven record for innovation and resilience in the constantly evolving IT sector. Throughout its 25+ year trading history,...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.