Sodium-ion battery startup Natron ceased operations this week, ending the company’s 12-year quest to commercialize its technology in the U.S.

The company had $25 million worth of orders lined up for its Michigan factory, but it couldn’t deliver them until it had UL certification, according to Raleigh’s The News and Observer, which reported on the business’s closure because Natron had been planning to bring jobs to the state of North Carolina with its new factory.

However, receiving the UL certification can be a lengthy process, often spanning several months. Natron investors balked at releasing more funds, leaving the startup facing a cash crunch.

Natron’s primary shareholder, Sherwood Partners, attempted to sell its stake, but found no buyers. As a result, it’s liquidating the comp

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