Mon, 10 Feb 2025 | ADMINISTRATION
Motor technology group Aeristech has crashed into administration.
The Leamington Spa group, which is a manufacturer of high-powered compressors for hydrogen fuel cells and is working on a government project to convert London buses to hydrogen, has appointed Craig Povey and Gareth Prince of Begbies Traynor as administrators.
Last year its Project HEIDI was awarded £6.3 million 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 has 45 employees.
The company was founded in 2006 and has established manufacturing and business development offices in China and the US. It owns multiple patents and developed variable high-speed electric motors for a centrifugal compressor that was capable of running continuously and was 50 per cent more powerful than equivalent electric superchargers. These compressors are now oil-free and used in hydrogen fuel cell systems, HVAC and industrial compressed air. Additionally, Aeristech offers consultancy and prototype manufacturing services.
Povey said: "I can confirm that we have been appointed as administrators for Aeristech. We are currently seeking buyers and considering offers for the company, which is in the engineering heartland of the Midlands. During this time we are also working closely with management to ensure that we get the best result for stakeholders, creditors and employees for this high-tech engineering firm."
Backers included Sabien, a provider of energy reduction technologies, and Vela, a company focused on early-stage and pre-IPO disruptive technology investments.
Following the administration, Sabien said it "no longer expects to recover any of its investment".
Richard Parris, executive chairman of Sabien, said: "It was very disappointing to learn of the administration of Aeristech. The company had a highly innovative product with significant carbon reduction potential."
In its most recent accounts for the year to 31 March 2023, Aeristech had net current assets of £1.8 million, down from £2.2 million the previous year. Creditors amounts falling due within one year came to £2.5 million, up from £1.5 million last time.
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