Xerotech CEO Dr Barry Flannery. Image: Xerotech
The start-up suffered from a fire at its manufacturing site a few weeks ago.
Liquidators have been appointed to the Galway-based battery systems manufacturing start-up Xerotech. The company, founded in 2015, employs 100 people.
Luke Charleton and Alan Large of EY-Parthenon’s Turnaround and Restructuring Strategy team have been appointed as joint liquidators to preside over the sale of the start-up’s business and other assets.
“The joint liquidators are commencing a process to seek out potential purchasers for the trade and other assets of Xerotech. The aim of this sales process will be to sell the trade and assets to secure the Xerotech business and to protect employment if possible,” the liquidators told SiliconRepublic.com.
This comes a few weeks after the Claregalway Corporate Business Park – where Xerotech is situated – suffered a “major fire” stemming from a “venting issue” at the battery manufacturer’s premises.
The fire led to an evacuation of nearby businesses and schools, including Xerotech. Although, no injuries were reported.
Following the incident, the company’s board of management told Galway Bay FM that the incident would have a direct consequence on the company’s ability to raise necessary capital to continue operations.
While in their statement, the liquidators said that they will be “seeking to ensure the continued safety at the site while in occupation”.
The Galway start-up, which makes advanced lithium-ion battery systems for construction, agriculture and mining machinery, raised €30m from the European Investment Bank in late 2023 to support its manufacturing capabilities to develop modular battery solutions.
In the same year, the company announced plans to hire more than 100 employees to meet growing demand for its technology.
At the time, then Taoiseach Leo Varadkar, TD, described Xerotech as one of the most “innovative and interesting Irish companies” he had engaged with.
“Batteries are going to be a big part of our post-fossil fuels future and it’s extraordinary how advanced these technologies now are,” Varadkar said. “It’s great that it’s happening in the west of Ireland.”
In 2021, it was announced that Xerotech would develop next-generation battery safety technology for the European Space Agency.
While last year, Dr Barry Flannery, Xerotech’s founder and CEO was announced as one of the 24 finalists at the EY Entrepreneur of the Year Ireland.
Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.
