Imergy enters insolvency and lays off its staff
Investors withdrew their support for Imergy, which subsequently appointed advisory firm Sherwood Partners to dispose of its assets and intellectual property assets. Credit: Imergy
Silicon valley-headquartered flow battery maker Imergy Power Systems has entered into ABC insolvency and terminated the contracts of all its staff, the company has confirmed.
Investors withdrew their support for Imergy, which subsequently appointed advisory firm Sherwood Partners to dispose of its assets and intellectual property assets.
A company spokesperson said Sherwood is the main creditor, describing the firm as “the Gold Standard to monetizing IP and Technology companies in the distressed”.
Imergy was unable to provide any number on the amount that could be recovered and declined to comment on the number of staff affected.
