Why did it enter administration?
In Sun Cable’s case, it did receive funding proposals, but “consensus on the future direction and funding structure of the company could not be achieved”, according to a press release.
“The voluntary administration process will now unlock a path forward for the company to access additional capital for continued development of its (marquee) project,” the statement said.
“The administrators intend to work with the company’s management team and key stakeholders to determine appropriate next steps for the business.
“This will likely involve a process to seek expressions of interest for either a recapitalisation or sale of business.”
Who are its investors?
Major investors include private investment company Grok Ventures and Australia’s Squadron Energy, but Sun Cable has also raised money from other private investors.
In March 2022,…