Friday, 1 July 2016
Last updated 13 hours ago
Dec 11 2009 | 9:51am ET
Woodside, California-based Imara Corp. (formerly Lion Cells), a developer of lithium ion battery technologies, has ceased operations.
VP of business development Neil Maguire explained in a blog post:
“We never could get the Operations scaled up and after a year delay, investors needed to cut their losses. In the end, in this exec’s opinion, the battery industry is not about producing compelling PowerPoints, it is about the nuts and bolts of equipment design, process control and repeatability and producing a quality product at high run rates.”
The company had received $19.1 million in funding from Battery Ventures and Nth Power but spent the last eight months looking for an additional $20 million, without success.