"The company had $25 million worth of orders lined up for its Michigan factory, but it couldn't deliver them until it had UL certification, according to Raleigh's The News and Observer, which reported on the business's closure because Natron had been planning to bring jobs to the state of North Carolina with its new factory. However, receiving the UL certification can be a lengthy process, often spanning several months. Natron investors balked at releasing more funds, leaving the startup facing a cash crunch."
"Natron is being carved up through a process known as "assignment for the benefit of creditors," an alternative to Chapter 7 bankruptcy that could result in a speedy - and quiet - sale of assets that forgoes the court proceedings that many liquidations follow. The company had announced a year ago that it would build a much larger, $1.4 billion sodium-ion battery factory in North Carolina capable of producing gigawatt-hours worth of cells per year, creating as many as 1,000 jobs."
Natron ceased operations after a 12-year effort to commercialize sodium-ion batteries in the U.S. The company had $25 million in lined orders for a Michigan factory but could not fulfill them without UL certification, which can take months. Investors declined further funding, creating a cash crunch. Primary shareholder Sherwood Partners failed to find buyers and initiated liquidation, laying off nearly all staff while a small team winds down operations. The company entered an assignment for the benefit of creditors, enabling a faster, noncourt asset sale. Plans for a $1.4 billion North Carolina gigafactory and 1,000 jobs were abandoned.
Read at TechCrunch
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