Silverstone energy storage firm enters administration

Flybrid, the Northants-based developer of high-power flywheel energy storage systems, has entered administration.

The firm was placed into administration after its parent company, Torotrak – which is also in administration – failed to find additional funding for the company. The firm is also blaming thr rise of electric cars for its demise.

Daniel Smith and Clare Boardman of Deloitte has been appointed joint administrators.

The core Flybrid technology relates to design, development, manufacture and control of high-speed flywheels for use in moving vehicles. It was initially used in Formula 1 – and later marketed at commercial vehicles.

Tortrak is a listed company and trading in its shares have been suspended.

For the year-ending 31 March 2017, Torotrak made a loss of £7.3m.