A lot of money had been put into developing the products and the shareholders kept adding money, but in the end it was not enough. After XelectriX Power GmbH in Mauthausen went bankrupt, the battery storage specialist is on the verge of bankruptcy.
XelectriX Power GmbH was founded in Mauthausen in 2016 and sales of mobile battery storage systems started in 2020 – two and a half months after the opening of the bankruptcy proceedings, it is clear in May 2024: nothing is going to work anymore!
It should finally be ready by the end of May
The company has shrunk from 25 employees to two employees. Curator Peter Shamiyeh will probably close the company completely at the end of May and then dispose of the stocks, vehicles and business equipment. To date, claims totaling 4.5 million euros have been recognized. “Creditors can expect interest rates in the single digits,” says Petra Wögerbauer of the Credit Protection Association 1870.
Idea was good
Reasons for the financial problems? The XelectriX product was very innovative and the idea was good, but the implementation and thus the transformation from start-up to company was ultimately not successful. In addition to quality problems, there were also problems with suppliers and high costs.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
