Enhanced Hydrocarbon Technologies Ltd (07415614): administration
- Status
- Administration ended
- Administration began
- 2014-12-19
- Administrators' firm
- CCW Recovery Solutions
- Incorporated
- 2010-10-21
- Location
- Oldbury
- Industry
- 71121 Engineering design activities for industrial process and production
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
EHT was incorporated on 21 October 2010 and Gary McMahon has been a director of the Company since its incorporation The Company's business is in the development and exploitation of a novel system to improve diesel engine efficiency The Company was formed after proof of concept had been obtained and a partnership with an electronics designer had been agreed, so that the contro! box necessary to deliver the enhancement chemistry process could be developed in December 2010 a business loan backed by a Personal Guarantee of £50,000 00 from the Director was raised from Square 1 Limited, which provided the funding required for initial development
Further to seeking professional advice, two further companies were formed EHT P and L Limited (“P&L”), to hold the patent and deal with licensing and patent issues, and Enhanced Hydrocarbon Technologies Holdings Limited (“Holdings”) which was the parent company, owned over 90% of both the subsidiaries and was responsible for the fundraising The Company was tasked with commercialtsing the Alchemist Patent held by P&L, which changes the chemistry of the burn of a compression ignition internal combustion engine, improving the combustion efficiency of diesel engines with a significant improvement in fuel economy and a large reduction in key emissions
The commercialisation involved the design, manufacture and development of a control unit, followed by successful testing carried out at Millbrook Testing Ground Orders were expected to be placed and fulfilled in January 2014, however, road testing and customer trials carried out in October 2013 proved less successful, which led to a delay in sales The delayed sales were further exacerbated by internal Board disputes, leading to two separate reviews being carried out, one by the Company's accountant and the other by a shareholder, who Is a qualified accountant
Administrators' statement of proposals (2015-02-23) · Companies House register