Gas2, an Aberdeen-based technology business which had been backed by £18 million of investment, has gone into administration.
The ten-year-old company has developed gas-to-liquid technology which is aimed at maximising mothballed and marginal gas fields.
The technology could also be used for the distribution of gas as a liquid into rural and remote areas.
Joint administrators Iain Fraser and Tom MacLennan of FRP Advisory said the company had seen encouraging results from early trials but had been unable to progress to the next stage of development. They are now seeking buyers for the IP and assets of the business.
Fraser said “significant market potential” still exists for the company’s technology. He added: “We hope that an entrepreneur or business that recognises the potential will acquire these valuable assets and bring this exciting new technology to market.” No redundancies have been announced.