British electric truck manufacturer Tevva Motors has entered administration after losing its battle to secure new funding.
Lee Manning, Cameron Gunn, and Ben Woodthorpe of ReSolve Advisory have been appointed as joint administrators.
In a short statement on its website Tevva said: ”Please note that Tevva Motors Limited has entered administration,” adding that the administrators had been appointed on 6 June and advising that all enquiries should be directed via tevvamotors@resolvegroup.com.”
The announcement comes one month after the company revealed it was filing for the appointment of an insolvency administrator in a bid to buy time to find new investors while under creditor protection.
In a statement issued at the time Tevva pointed to the impact of global economic conditions on electric vehicle startups as a key factor for its troubles.
Tevva said: “Despite positive customer interest in Tevva and its products, current global economic conditions have created a challenging environment for electric vehicle startups. As a consequence, we have filed notice of intent to enter administration with the court while the board is pursuing investment that secures the future of the company.”
The move to appoint administrators in May also came just six months after Tevva’s merger with vehicle manufacturer ElectraMeccanica collapsed amidst accusations by the Canadian vehicle designer that Tevva had failed to disclose “material information”. Tevva denied the accusation and launched a lawsuit against the company and its chief executive Susan Docherty, seeking redress for the “improper and unmerited purported termination” of its arrangement with the US firm.
Tevva had secured major contracts to supply its electric trucks to Royal Mail and Travis Perkins. Production of the 7.5-tonne electric trucks, which have a range of 140 miles (225 kilometers), began last year at Tevva’s plant in Tilbury, Essex. The company also planned to introduce a version of the truck equipped with a hydrogen fuel cell.
The failed merger with ElectraMeccanica led Tevva Motors to file a lawsuit against the company and its chief executive, Susan Docherty, over allegations related to the termination of the merger agreement. ElectraMeccanica claimed Tevva failed to share “material information,” a claim Tevva denied, asserting that it had provided full access and conducted thorough financial due diligence.
Tevva was founded in 2013 by Asher Bennet, the older brother of former Israeli prime minister Naftali Bennett and an ex-submarine officer in the Israeli navy. The company is based in Tilbury.
