Camborne Energy Storage, a large scale developer of energy storage projects in the UK, has crashed out of the market and gone into administration.
Camborne had built up an “extensive portfolio of sites” suitable for battery storage since its launch in 2015, according to administrators Damian Webb and Phillip Sykes of restructuring advisory firm RSM.
But despite developing a “strong pipeline of projects”, the administrators said Camborne “was dependent on on-going funding to meet its personnel and professional costs until it became cash generative”.
This was anticipated to be in 2019, once the company began to sell ‘shovel ready’ sites. But “recent fund-raising efforts failed to raise additional capital and it became clear that the sale of these sites could not be realised within a sufficient timescale and so the company became unable to pay its debts”, administrators said.
Camborne focused on “enhancing” planning permissions for sites before they were sold on for development.
The company holds options for leaseholds on several sites “at varied stages of planning for electric battery storage facilities”, administrators said.
Some offers are said to have been received for the sites, but RSM told BEST Battery Briefing it would not discuss details.
All Camborne employees were made redundant in June, although news of the company’s crash has only recently come to light.
BBB reported earlier this year that Camborne was involved in one of three grid-scale projects that were said to prove lithium-ion energy storage systems could help the UK move to smarter, cleaner energy. Tesla was said to be supplying a 500 kilowatt battery for a battery-solar project involving Camborne.