The planned merger between Tevva and ElectraMeccanica has been terminated following what ElectraMeccanica calls incurable breaches. At the start of the month ElectraMeccanica announced it would not be moving forward with the merger. Tevva has now responded to the decision with a statement from the company explaining its position on the breakdown of this agreement.
The statement read: “Tevva strongly refutes the basis under which the planned merger was terminated, with no regard to the agreement termination protocol, and will be seeking recourse through due legal process. Tevva will shortly go public on its rebuttal of the ElectraMeccanica claims via the company’s advisors.”
Tevva claims it had no opportunity to respond to ElectraMeccanica’s concerns before the agreement was publicly terminated. Leading up to the announcement, Tevva maintains it provided transparency at every stage, “with full financial due diligence prior to signing the definitive agreement.” In response to this, Tevva has restructured its team, board and company planning to move forward with its battery electric trucks.
David Roberts is now Tevva’s CEO with Ken Scott as managing director, under the chairmanship of Ian Harnett. The company is now considering alternate mergers or investors for medium and long term financing to complete its business plan of commercialisation and ramp up sales.
Its statement concluded: “Tevva continues to attract interest from customers in its 7.5t battery-electric truck and the company has held a number of open days and customer demonstrations in recent weeks, including a successful acceptance test with TG Lynes ahead of vehicle handover in December. The Tevva battery-electric truck will be TG Lynes’ first truck for use in central London and the company was highly complementary about the vehicle’s performance. Tevva also has a number of trucks in build for handover to other customers.”
