Suspension of payments
On 19 April 2022, the court of The Hague has granted suspension of payments to Ampyx Power B.V. Developing technology without making revenues has been challenging from a funding perspective. Unfortunately, Ampyx Power did not manage to close the required 15 MEuro funding round in late 2021. Attempts to find bridge financing to prevent insolvency were unsuccessful too, leading to the current situation. The court of The Hague appointed Mr. Christiaan Mensink as trustee to investigate options to prevent bankruptcy and find new investors.
Ampyx Power has over 60 employees, of which most are involved in the test and verification campaign of the AP-3 Airborne Wind Energy technology demonstrator. With all hardware finished and ready to use (https://youtu.be/g1cz8toIvj0), Ampyx Power is ready to verify the technological claims in a test and verification campaign over the coming two years. This 2-year test campaign would bring our technology to a technology readiness level (TRL) of 7, which would be a very significant step toward commercialization.
Michiel Kruijff, CTO: “Development of a new and high-tech product, not just a prototype, is not cheap. A new car model or the next generation wind turbine readily costs 500 MEuro to develop. You see such a price tag also with the air taxi prototypes being tested today.
Ampyx Power is developing a radically new technology, but has not had access to such budgets, with about 50 MEuro collected to date. We have chosen a development path to minimize cost to product. But there is of course a relation between budget and time to market.
We believe our current demonstrator, AP-3, is the right next step for airborne wind energy. After our many years of work on this, we can say that the fundamentals behind airborne wind energy remain strong. It promises a more versatile and lower cost solution with radically lower carbon footprint."
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