American microinverter manufacturer, Enecsys has revealed that its UK arm of the business has entered administration.
The administrators, Phillip Sykes and Graham Bushby of Baker Tilly Restructuring and Recovery LLP, are looking to sell the business, assets and intellectual property.
The California-located company states that its UK arm entered administration due to a lack of capital available to finance growth.
Commenting on the potential of the business, Sykes said: “Enecsys has made great progress since the technology was first developed at Cambridge University in 2003. It is clear that a tremendous amount of effort has gone into developing and honing the core products in order to allow the group’s worldwide customers to enjoy the benefits that the innovative microinverter architecture provides. It is therefore regrettable that the group has recently experienced significant working capital problems.
“A number of interested parties have already made themselves known and we anticipate a high level of competitive tension amongst the big industry players,” continued Skyes. “We wish to conclude a swift sale of the Enecsys assets and, with this in mind, we would urgently like to hear from any parties who may be interested in acquiring all or part of the business and assets of the Enecsys group.”