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Bay Area tech startup Moxion Power recently announced that they would be shutting down operations and laying off all remaining employees.
According to SF Gate, a "WARN" notice regarding a "large layoff" was sent to workers on July 19, less than a month after the company laid off 100 employees in an effort to cut costs. Mixion CEO Paul Huelskamp sent an email to the power company's remaining 248 employees to regretfully break the news of the shut down, letting them know that the company was "still in the middle of a number of discussions and negotiations."
"I’m writing to you this morning with a heavy heart. We have not found a path that will allow us to continue operations as Moxion Power Co., and effective today, we will be closing our doors."
He continued:
"I know many of you are still wondering how we ended up here and are questioning the decisions that were made or could have been made that might have prevented this outcome. I wish there was a straightforward answer. What I can say is that Moxion was a bold vision and you executed perfectly."
The email was followed by another from an HR address (obtained by SF Gate) explaining to employees that they'd received their final paychecks. Vendors were told that there would be "a hold on payments, including critical vendor payments" for the time being.
Moxion Power raised $110 million in funding over the course of its four year operation.