Nanosun Limited (10956325): administration
- Status
- Administration ended
- Administration began
- 2024-02-06
- Administrators
- Patrick Alexander Lannagan, Conrad Alexander Pearson
- Administrators' firm
- Mazars
- Incorporated
- 2017-09-11
- Location
- Manchester
- Industry
- 25620 Machining
Why it went into administration
- COVID-19
- Cash flow / liquidity pressure
- Competition / price pressure
- Supply chain disruption
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Loss-making contracts / project overruns
From the administrators' statement
The Company was founded and incorporated on 11 September 2017 by Graham Hodgson and Noel Leeson (‘the Founders’) with the objective being to accelerate the adoption of hydrogen fuel by designing, engineering and selling safe, efficient, low-cost refuelling equipment. The Founders have extensive experience in the industrial gases industry and had observed gaps between the needs of hydrogen fuel users and the hydrogen solutions being offered by the industrial gases industry. The Company was founded to address these gaps.
Initially, the Company was funded through a £100k ‘Friends and Family’ equity round, followed by four further funding rounds between 2018 and 2020 raising the total equity invested to £2m. In 2021, the Company completed a Series A funding raise of £12m, the majority taken by Hydrogen One Capital (‘H1’), Westfalen AG (‘Westfalen’) and several existing investors who exercised their pre-emption rights. The Company also attracted £2.5m of grant and other funding between 2018 and 2022, including a preferential loan facility agreed during 2020 which was secured by way of a debenture in favour of Innovate UK Loans Limited (‘Innovate’). In relation to this loan facility, £975k has been drawn down.
Initially, the Company focused on the needs of small-scale users of hydrogen fuel (hydrogen drones and hydrogen bicycles) and received its first purchase order at a value of £50k from Intelligent Energy in early 2018 for a refueler for hydrogen drones. Further sales of small scale refuelers were made during 2018 and 2019 to French, US and Korean customers.
Administrators' statement of proposals (2024-02-19) · Companies House register