LONDON (Alliance News) - Ceramic Fuel Cells Ltd Monday announced that it has gone into voluntary administration after it failed to secure further funding.
In a statement, the fuel cell technology company said its shares have been suspended from trading. It said that over the weekend, the company was placed into external administration, and Adam Nikitins and Justin Walsh of Ernst & Young appointed at voluntary administrators.
In a statement at the end of January, Ceramic Fuel Cells said that it was currently looking into financing options to allow the company to continue its expansion.
"The company has been unsuccessful in securing further funding to enable it to explore a corporate transaction to maintain the ongoing future operations of the company, and the directors have been left with no option but to place the company under external administration," the company said in Monday's statement.
"The board deeply regrets the inconvenience and disruption that this will cause the company's workforce and clients," it added.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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