Oxis Energy, the battery supplier for Bye Aerospace’s eFlyer 800, has filed for bankruptcy as of May 19th according the the company’s website. The company held over 40 patents for battery technology pertaining to UAM platforms which promised to fuel the industry and future platforms like the eFlyer, most notably Li-S cell construction architectures.
Authorized insolvency practitioners Simon Girling and Christopher Marsden of BDO LLP will oversee the transition for Oxis.
“The company was unable to secure the investment required to continue its product development,” Girling stated in the release. “However, we are hopeful of obtaining a sale of the company’s specialist testing equipment, together with approximately 200 patents held by the company, and the opportunity remains for an acquirer to purchase these assets in situ at an internationally acclaimed testing center, and separate R&D facility.”
At the time of the announcement, Oxis was closing in on Bye’s 550 Wh/kg energy density requirements for the eFlyer. In company reports last year, its Li-S cell prototypes had achieved 471 Wh/kg and would be able to begin shipping prototypes as early as Q3 2021.
The company had hoped to pursue even higher densities, targeting 550 Wh/kg by 2023 and 600 Wh/kg by 2026.
Why it matters: Oxis is one of the few suppliers as reported by TransportUP to have filed for bankruptcy thus far in 2021. While to be expected as the industry matures and investors select winners, the announcement offers some exciting news in that energy densities required to sustain eVTOL/hybrid-electric fixed wing platforms can be met. With over 200 patents, 40 of which directly related to Li-S architecture slated for the eFlyer, expect to see some sort of M&A activity around Oxis Energy as they look to apply their technical prowess under new ownership.