Portland-based and taxpayer-backed battery technology company ReVolt Technology plans to file bankruptcy.
The Portland-based company has been unable to raise new capital or find a buyer, so made the decision to close, according to a statement on the website of Viking Venture, one of its investors.
"ReVolt Technology has been a work and capital intensive venture since Viking Venture established the company together with SINTEF in 2004," said Viking Venture Managing Partner Erik Hagen, in the statement. "The potential of the technology has been considered huge and the company has attracted considerable capital from international investors as well as public grants. However, it is time to acknowledge that the company could not attract new capital in order to continue the development."
Read more at Sustainable Business Oregon.