Universal Hydrogen, which was trying to develop workable systems to power aircraft with hydrogen, has folded after burning through about $100 million in investor capital. The Seattle Times is reporting the company sent a memo to shareholders on Thursday saying there was no way forward for the startup. “We were unable to secure sufficient equity or debt financing to continue operations and similarly were unable to secure an actionable offer for a sale of the business or similar strategic exit transaction,” the Times quoted the memo from CEO Mark Cousin.
This is a companion discussion topic for the original entry at https://www.avweb.com/aviation-news/universal-hydrogen-folds