Flow battery maker Imergy has gone into insolvency after backers withdrew investment from the US based company.
The Silicon valley-headquartered vanadium redox flow battery maker has also terminated the contracts of its staff.
The axe fell after investors withdrew their support for Imergy, which has since employed advisory firm Sherwood Partners to dispose of its assets and intellectual property assets.
The news comes less than a 18 months after the company, which has offices in India, signed a deal to sell 1,000 systems to SunEdison for the Indian market.
However, Sunedison has since filed for Chapter 11 bankruptcy in the Southern District of New York.
In October last year it was announced a two-year deal to convert up to 20,000 diesel-generated storage platforms at base transceiver stations (BTS) in China with system to allow the transition to renewable energy sources.
Back in 2014 the company introduced its vanadium flow battery onto the market with a price-tag of $300/kWh.
