ReVolt Technology files for bankruptcy17th October 2012
ReVolt Technology has tried to raise new capital over a prolonged period of time. A considerable number of potential buyers as well as investors have been contacted by the company, its owners and financial advisors. Despite the broad process it has proven impossible to raise the necessary new capital.
The Board of Directors of ReVolt has thus decided to file for bankruptcy.
"ReVolt Technology has been a work and capital intensive venture since Viking Venture established the company together with SINTEF in 2004. The potential of the technology has been considered huge and the company has attracted considerbale capital from international investors as well as public grants. However, it is time to acknowledge that the company has not been able to attract new capital in order to continue the development, says Mr. Erik Hagen, Managing Partner in Viking Venture.
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