New technology composites maker Fiberforge Corp. grew out of a Colorado think tank’s proposals for an ultra-light efficient vehicle, but now has been forced to shut down and is seeking buyers for its intellectual property and equipment.
“We hope to find a bidder that will want to purchase the entire package of physical and IP assets,” the Glenwood Springs, Colo.-based company said in a June 11 news release. “If not, we will attempt to liquidate each separately.
Development Specialties Inc. of Chicago has been appointed the assignee for the benefit of creditors by the Delaware Chancery Court. Fiberforge legally formed in Delaware and the Chancery Court must approve the sale process.
Fiberforge was created by engineers who had worked on Boulder, Colo.-based Rocky Mountain Institute’s HyperCar project in the late 1990s. It went on to create a commercial process for thermoplastic composites used in everything from lightweight backpack frames, helicopter load floors, skateboards, auto body parts and jet engine components.
DSI believes the company’s range of technology will lead to a “vigorous and competitive sale process,” he said.