Oxto Ltd (10161898): administration
- Status
- Administration ended
- Administration began
- 2022-03-11
- Administrators
- David Ronald Elliott, Bai Cham
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2016-05-04
- Location
- Chatham
- Industry
- 27110 Manufacture of electric motors, generators and transformers
From the administrators' statement
The Company was incorporated in May 2016 by Dr George Prassinos trading from a leasehold premises in Guildford, Surrey, with a purpose of delivering a novel energy storage solution to the energy market to support the transition to a clean energy future. The flywheel technology developed and adopted by the Company is a ‘green’ energy solution, with the product being made entirely out of recyclable materials. The material allows for a long lifetime, whilst maintaining great performance and it is for these reasons that the director attributes the flywheel different to other solutions on the market today and why the company has seen such strong customer traction.
Other companies in the past and even currently have been trying to use technologies such as carbon fibre, high performance magnets, and magnetic bearings, which although all suitable technologies, increase the cost of the system substantially, making it difficult to build at scale due to the substantial civil works required to install these units below ground.
The design that has been developed by OXTO’s team demonstrates the simplicity of the flywheel concept on the mechanical design, hence dramatically reducing the cost of production while increasing the ease of manufacturing. The “above ground” design enables even easier adoption and installation of these units at locations where that previously wasn’t possible. Whilst this does require quite complex and highly capable electronics, with modern electronics having substantial processing power and low cost, the company has been able to deal with computational complexity while keeping the overall system cost down.
Administrators' statement of proposals (2022-05-06) · Companies House register