Terrabon files for bankruptcy
Houston-based Terrabon Inc. has filed for Chapter 7 bankruptcy. Under Chapter 7 proceedings, the company’s operations will cease and a trustee will be tasked with liquidating the company’s assets for the benefit of creditors. According to the company, it was unable to obtain sufficient corporate funding to finish development and engineering activities for its proposed 5 MMgy commercial-scale facility.
“It is with great disappointment we announce Terrabon has been unable to obtain additional financing and must suspend operations,” said Gary Luce, Terrabon’s CEO. “This is a sad day for Terrabon’s employees, partners, suppliers and vendors who never wavered from their robust support of our company and the technology we deeply believe in. We want to thank them and convey how deeply we appreciate their steadfast loyalty during our journey to become an additional source of alternative energy for the United States."