Xerotech is to close its facility at Claregalway Corporate Park on February 17th.
The Corporate Park, two local schools and some homes at Lakeview had to be evacuated on Thursday of last week due to a battery fire incident at the company
Some firefighters were taken to hospital after showing mild physical symptoms.
The three-day chemical reaction incident involved a shipping container of industrial lithium-ion batteries outside Xerotech
In a statement issued to Galway Bay fm this afternoon, the Board and Management says the incident had a direct consequence on its ability to raise the necessary capital to continue operations.
Notices have been issued to employees, creditors and shareholders regarding official meetings to wind up the company.
The statement says that a process is ongoing to seek out potential buyers for the business and assets of Xerotech.
It adds that this may facilitate continued investment in the Xerotech product and retain some employment.
