Xylowatt, a Belgium-based renewable energy technology developer backed by industrial gases producer Air Liquide and engineering firm John Cockerill, declared bankruptcy last month, L’Echo has reported.
Founded in 2001, Xylowatt was looking to commercialise technology that converts wood chippings into biogas. It eventually completed its first industrial installation in 2017, building a two-story reactor for the University Hospital of Mont-Godinne.
The company declared bankruptcy on January 25 after its outgoings had become unsustainable. Its debt had reached a total of nearly €5m ($6m) against just $728,000 of cash in hand in 2020.
Xylowatt will shut down its business for the time being but will aim to keep on 10 of its 20 staff. Chairman Pierre Mottet said it will re-emerge soon to continue work on multiple projects.
John Cockerill and Air Liquide subsidiary Aliade had invested in the company in 2014, five years after it raised a similarly undisclosed sum from Walloon government-owned entities SRIW and SFPI.
The original version of this article appeared on our sister site, Global University Venturing.
