Imara Corporation, a California-based a manufacturer of lithium-ion batteries, has shut down operations, according to Greentech Media.
In September, Imara announced that its first cells were available for commercial applications, but the company reportedly could not find investors to build a factory.
Neal Maguire, Imara’s vice president of business development wrote to Greentech: "…unless something radically changes, the battery business is for big players that want to create billion dollar business units not VC-backed startups."
Imara came onto the scene in December 2008 with a plan to commercialize technology developed at the Stanford Research Institute (SRI).
In an October interview on SB.com’s Green Week in Review, CEO Jeff Depew explained that the company’s cathode technology allowed for greater energy density than other li-ion batteries. The technology was designed to work with a variety of li-ion chemistries.
The company intended to enter the market for power tools and lawn-care equipment, but Depew said the company was in talks with numerous major car manufacturers.
The Greentech report said Imara will try to sell its assets and intellectual property.
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