Firefly turns off the lights, files Chapter 7
Co-founder and CEO Ed Williams puts the blame for the failure squarely on the downturn in the economy disclosing that they were unable the past 15 months to raise a needed $20 million in equity capital.
While there is no doubt they didn't benefit from state of the economy, we can't help but wonder whether this is a case of the lithium-ion video killing the lead-acid radio star. The Firefly group 31 Oasis battery had an energy density of 39 Wh/kg and was thought to be quite pricey while lithium batteries usually have double to quadruple that capability with prices that are cheaper than expected.
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