Electriq Global, an Israeli hydrogen technology startup, has filed for court protection due to nearly US$29.4 million in debt.

The Haifa District Court has frozen proceedings and appointed Attorney Alona Baumgarten as a trustee to oversee the company’s potential rehabilitation.

Founded in 2013, Electriq Global specializes in hydrogen storage and release technology, mainly for backup generators powered by solid hydrogen.

The company has raised US$25 million but has reduced its workforce from 30 employees to six.

The company’s financial troubles worsened after a €25 million (US$26.15 million) investment from a Dutch investor was frozen due to Israel’s security situation and ongoing conflict.

Employees requested a trustee after salaries for January 2025 were unpaid, with February wages also at risk.

Electriq Global plans to arrange a debt settlement and seek shareholder support to continue operations, with the court proceedings determining its next steps.