Faraday Grid, the Transformer Technology Startup, Goes Bust

By [email protected] Faraday Grid, the much-hyped Scottish transformer technology startup, has run out of money and been put under the control of insolvency administrators in the U.K.

The administrators were appointed on August 8. A press note from Grant Thornton, the appointed administrator, said 45 employees have been laid off.

The U.K.’s administration process shares similarities with Chapter 11 bankruptcy in the U.S., allowing a company a chance to reorganize and potentially reemerge as a viable business or sell off its assets.

Faraday was aiming to develop flow control devices which could maintain target voltage, frequency and power factors, potentially replacing electricity transformers in the

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