 In June 2016, the company informed shareholders that it had failed to meet expectations, that company founder Shaun (Seán) McCarthy was being replaced as CEO, and that operating costs were nearly €1 million per year.After investments totaling nearly €23 million over a ten-year period, in November 2016 the company shut down and laid off its staff, due to a lack of additional funding to continue operations.In August 2006, Steorn placed an advertisement in "The Economist" saying that they had developed a technology that produced "free, clean and constant energy".