Metalysis collapses after cash crunch
Powdered metals pioneer Metalysis has collapsed into administration after failing to land further funding – on top of the £92m it has received from investors.
The company, which has two bases in Rotherham and employs 60, had ‘significant interest from a number of parties’ but was unable to land new investment in time.
Companies House figures show revenue was £886,000 last year and it made a loss of £7.1m.
Directors appointed administrators who are now running the business while ‘urgently’ trying to find new owners.
The business was founded in 2001 to capitalise on a patented method of producing rare metals such as titanium - or any combination of metals - faster, cheaper and greener than earlier processes.
Last year alone, it received £12m from investors including Woodford Investment Management, Draper Esprit PLC, ETF Partners, Interogo Treasury and Hercules Capital of California.
In total, it received £92m from investors and planned to build a research centre up to 10 times the size of premises it opened just two years ago on the Advanced Manufacturing Park.
Sign up to our daily newsletter
The i newsletter cut through the noise
The company also had a factory in Manvers building ‘Gen 4’ units which produce powdered metals ideal for 3D printing.
Such was the potential of its ‘impossible alloys’ the company had visitors from 25 countries and talks with ‘a lot of governments.’ It even won a prize from the European Space Agency for its potential for ‘terraforming’ - colonising other worlds.
Administrator Eddie Williams, of Grant Thornton, said the business was continuing to operate while “we urgently explore interest with parties.”
He added: “Metalysis is a truly innovative UK business with a unique disruptive technology that urgently requires new ownership and further investment.
“Despite the Directors’ best efforts and significant global interest, the business could not continue to operate without the protection of administration.
“Our immediate priority and urgent focus is to secure immediate investment.”