Tevva says it is “deeply disappointed” by a recently terminated proposed merger agreement with another market player
Electric heavy vehicle manufacturer Tevva has expressed its disappointment in a recently terminated proposed merger agreement.
Tevva Motors confirmed it recently was informed by ElectraMeccanica that it no longer intended to continue with the merger agreement due to incurable breaches.
“The Tevva team was deeply disappointed by this abrupt decision and had no opportunity to respond to ElectraMeccanica’s claims before they went public,” Tevva says in a statement.
“Tevva gave full and open access at every point in this process to ElectraMeccanica’s advisors and management, with full financial due diligence prior to signing the definitive agreement and senior members of the ElectraMeccanica executive team in residence for many weeks at Tevva’s UK facility.”
Tevva says it “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 says the termination of the deal has galvanised the entire Tevva team and board and the company has immediately laid down plans to regroup from this event and emerge even stronger.
Tevva says it has since restructured the leadership team with David Roberts taking the role of CEO and Ken Scott becoming Managing Director, under the Chairmanship of Ian Harnett.
It says it has also re-engaged with a number of investors and public companies looking for a merger with Tevva.
The company is confident that from these various opportunities it will secure both medium and long term financing to complete its business plan of commercialisation and ramp up sales.
“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,” Tevva says.
“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.”