Hydrogen Capital Growth (HGEN), which held around 12.5% of Bramble’s equity, has written down its £11m ($14.5m) holding to zero, representing 9% of its net asset value (NAV) as of 31 March 2025.

Bramble had been seeking investment from third-party investors. However, HGEN said in a portfolio update statement, “It has recently become apparent that Bramble’s fundraising process has been unsuccessful in securing new financing, without which the company is unable to operate viably.”

As such, Bramble progressed to an accelerated sale process for its entire business on 6 November, which was run by an independent advisor.

“Whilst a number of parties showed initial interest, the Bramble board of directors see no reasonable prospect of a solvent transaction,” HGEN added. “As such, the Bramble Board has today filed notice to appoint an administrator.”

The UK-listed investment company said it was “extremely disappointed” at the outcome. It highlighted that major firms like Toyota were assessing Bramble’s fuel cell and AEM electrolyser products.

Last year, Bramble Energy announced it had developed a fuel cell stack assembly capable of producing up to 2,000 50kW systems per year, supported by £1.8m ($2.3m) in funding.

The Crawley-based firm aimed to simplify the fuel cell stack assembly process through its Printed Circuit Board Fuel Cell (PCBFC) design, which integrates the membrane electrode assembly into unitised PCB modules.

Bramble said it had proven a low-cost production roadmap to $100/kW at a scale of 2,000 50kW stacks annually, though its business model was heavily dependent on a broader scale-up of the hydrogen sector.