A great read about the rise and subsequent destruction of government-funded startup Envia. Their promise was battery technology far beyond what anybody else could offer, even entering into a partnership with GM. But once the product failed to materialise, everything came crashing down with in-fighting and lawsuits.
“While Kumar got started on the GM contract, Kapadia moved forward on the plan to sell the company. Goldman Sachs took the acquisition proposal to Asia, sending queries to, among other potential suitors, Japan’s Asahi Kasei and South Korea’s LG and Samsung. But now that Kumar had seemed on his way to what he had coveted, it all began to unravel. At the end of February 2013, Envia’s business development team received an urgent message from GM: Initial tests were complete on the 400-watt-hour-per-kilogram battery. But so far, they did not replicate the results announced at Arpa-E.”