PE-backed Gas2 goes into administration

FRP Advisory has been named as administrator. Partners Iain Fraser and Tom MacLennan are now seeking buyers for the intellectual property and assets of the company.

While the company's technology was proven to be encouraging in early trials, it was unable to progress to the next stage of development and was not able to fully fund its next phase of R&D.

Previous funding
In February 2012, Lime Rock led a £5.5m funding round in the company, along with Robert Gordon University and a group of private investors, according to unquote" data.

The company first received backing in March 2008, with Lime Rock leading a £10m investment in the company, alongside private investors.

It is understood that other investors in Gas2 include Silverwood Partners, Viscount Gough and the Scottish Investment Bank.

Company
Established in 2005, Gas2 developed technology to transform the conversion of gas into liquids. Its main focus was on mothballed and marginal gas fields, and for the distribution of gas as a liquid into remote areas.

Gas2's technology differs from existing applications, as it was developing a modular system that was designed to be more cost effective and more environmentally friendly, while providing higher hydrocarbon conversion rates.

People
Saad Bagach, managing director at Lime Rock, worked on the investment. Wille Reid and Mike Fleming are founders of Gas2.

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