Universal Hydrogen, a startup attempting to pioneer hydrogen-powered flight, has gone bust.
The Seattle-based company burned through its remaining cash and was unable to raise additional capital or merger with a larger operation, according to a report in the Seattle Times.
“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,” Universal Hydrogen Chairman and CEO Mark Cousin wrote in a letter, according to the report, adding that the board had decided to wind up the company.
