South Yorkshire tech firm Metalysis has entered administration after financial difficulties.

The company, which is a pioneer in powdered metals used in the production of electric vehicle batteries and the aerospace sector, employs 60 people in Rotherham.

Founded in 2001, it has attracted £92 million funding to date but made a loss of £7.1m last year against revenues of £886,000.

Metalysis said it had ‘significant interest from a number of parties’ but was unable to land new investment in time.

Eddie Williams and Chris Petts of Grant Thornton have been appointed joint administrators.

“Metalysis is a truly innovative UK business with a unique disruptive technology that urgently requires new ownership and further ongoing investment,” said Williams.

“Despite the directors’ best efforts and significant global interest, the business could not continue to operate without the protection of administration.

“We would encourage any parties with interest to contact the administrators. With that support, I would hope that the business can continue to operate and thrive.”

Investors in a £12m round last year included Woodford Investment Management, Draper Esprit PLC, ETF Partners, Interogo Treasury and Hercules Capital of California.