Former lobbyist for now-bankrupt ReVolt claimed cash position was sound
By Matthew Kish
Former ReVolt Technology CEO James McDougall had once predicted swift growth for his company's battery technology.
Roughly two years before it collapsed, a lobbyist for the taxpayer-backed battery technology company ReVolt Technology LLC told state officials the company's "cash position is sound and the company (subsidiaries included) has no debts."
ReVolt failed in November after receiving $11.8 million in taxpayer backing, including a $5 million loan from the State Energy Loan Program.
The Business Journal filed a records request for any emails exchanged between ReVolt executives and state officials prior to the state awarding ReVolt the $5 million loan. The state responded last week with more than 600 pages of documents.
The documents show ReVolt painted a compelling picture of itself as a fast-rising star in clean technology with a strong balance sheet and additional backing in the works from venture capitalists.
The company's rechargeable batteries were designed for use in environmentally-friendly electric cars.
Its unclear why the company failed. ReVolt officials didn’t make any public statements before leaving town.
An October statement on the website of Viking Venture, one of ReVolt’s investors, said the company was unable to attract additional venture capital in order to sustain the company as it brought its technology to market.
ReVolt's collapse coincided with a global slowdown in venture capital funding for clean technology companies.
See Friday's print edition of the Portland Business Journal for more.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.