Diverse Energy Enters Administration; Seeks Buyer for Business and Assets

16 Oct 2012

Diverse Energy

Diverse Energy, the UK based developer of ammonia-fuelled PEM fuel cell systems targeting telecommunications applications in Africa, has failed a recent funding round and voluntarily entered into administration. The administrators are seeking interested parties to continue the business or acquire its assets and issued to following statement:

On 9 October 2012 Matthew Tait and David Gilbert of BDO LLP were appointed as Joint Administrators of Diverse Energy Limited by one of its Directors. Due to funding restraints it was no longer possible for the Company to continue to trade and operations were ceased immediately on appointment. The Joint Administrators are urgently seeking interested parties who may wish to acquire some or all of the business and assets of the Company. Matthew Tait commented “Significant investment has already been made into this technology, with test sites up and running. We are hopeful of finding an interested party to continue the development of the intellectual property and ultimately the commercialisation of the PowerCube. We are working with the Directors and our internal specialists in this sector to maximise realisations.” Anyone who wishes to express an interest in the business or assets should contact Peter Atkinson of Hilco Appraisal Limited at patkinson@hilcoeurope.com

Source: BDO LLP

Images: Diverse Energy

Industry Directory: Diverse Energy


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