Atraverda Limited (02652922): administration
- Status
- Administration ended
- Administration began
- 2012-12-20
- Administrators
- Susan Rosemary Staunton, Alan Peter Whalley
- Formerly
- Gradedata Limited
- Incorporated
- 1991-10-10
- Location
- Southampton
- Industry
- 74909 Other professional, scientific and technical activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 10 October 1991 The Company engaged in research and development of lead-acid battery technology utilising patented technology to improve the efficiency and performance of conventional lead-acid batteries Throughout its life the Company raised c£20m of investment to develop a bi-polar lead acid battery
More recently the Company was financed through three main funding rounds which raised a total of £4 157m plus interest by way of secured loan notes The first round of £3m was raised tn August 2011 with a further £1 157m in 2012 over July 2012 and September 2012 rounds The investors secured their investment by means of three fixed and floating charges dated 4 October 2011, 2 July 2012, and 29 September 2012 respectively over which Finance Wales acted as the Security Trustee The order of priority is set out in various agreements between the investors made at the time of each funding round Broadly, the priority attaches to the most recent funding rounds
In order to provide investment to scale up production to commercial levels to take advantage of the potential of the technology the Company sought an additional investment of c£10m throughout 2012 A European fund was prepared to invest, however, to this it needed to conclude a funding round of tts own which, in November 2012, it reported to the Company that (t had been unable to do Without the expected investment, the Company suspended battery production
Administrators' statement of proposals (2013-02-18) · Companies House register