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Universal Hydrogen runs out of money

Hydrogen-powered flight startup Universal Hydrogen has gone bust.

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.

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