No Result
View All Result
  • Private Data
  • Membership options
  • Login
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHubHOT
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
    • Private Data
Subscribe
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHubHOT
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
    • Private Data
Home PRIVATE EQUITY

Tevva’s response to termination of proposed merger agreement with ElectraMeccanica

Cisionby Cision
October 23, 2023
Reading Time: 2 mins read
in PRIVATE EQUITY, UK&IRELAND
Share on FacebookShare on Twitter

LONDON, Oct. 23, 2023 /PRNewswire/ — Earlier this month (4 October 2023), Tevva Motors Limited (Tevva) was informed by ElectraMeccanica Vehicles Corp. (ElectraMeccanica) that it no longer intended to continue with the merger agreement, citing 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 gave full and open access at every point in the 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 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.

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. To this end, Tevva has:

  • Restructured the leadership team with David Roberts taking the role of CEO and Ken Scott becoming Managing Director, under the Chairmanship of Ian Harnett
  • 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. 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.

About Tevva:

“We do technology because it matters and makes a difference to humanity.”

Tevva is a hydrogen electric truck company with a spectrum of options for zero-emission medium to heavy-duty trucks.  Our revolutionary hydrogen fuel-cell range extension technology allows our vehicles to do all the work of a diesel, with total peace of mind about cost, range, and environmental impact.  Tevva is leading the electric charge to zero-emission freight and urban logistics.  We have vehicles on the road already, getting the job done, and are focused on optimising green hydrogen solutions as part of our proposition.

www.tevva.com

Cision View original content:https://www.prnewswire.co.uk/news-releases/tevvas-response-to-termination-of-proposed-merger-agreement-with-electrameccanica-301963842.html

Read the orginal article: undefined

Gateways to Italy

Gateways to Italy – Offer your services to funds and investors willing to explore opportunities in Italy. Become a partner!

Gateways to Italy – Offer your services to funds and investors willing to explore opportunities in Italy. Become a partner!

by Partner
June 6, 2023

Sign up to our newsletter

SIGN UP

Related Posts

GREEN

Volteras Raises $11.1 Million Series A to Transform Energy and Mobility Data

May 29, 2025
BENELUX

On-site rooftop solar at data centers: Everything you need to know

May 29, 2025
GREEN

Telus outlines $50bn network infrastructure investment to support Canada’s AI drive

May 29, 2025

ItaHub

Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

November 4, 2024
Italy’s SMEs export toward 260 bn euros in 2025

Italy’s SMEs export toward 260 bn euros in 2025

September 9, 2024
With two months to go before the NPL Directive, in Italy the securitization rebus is still to be unraveled

With two months to go before the NPL Directive, in Italy the securitization rebus is still to be unraveled

April 23, 2024
EU’s AI Act, like previous rules on technology,  looks more defensive than investment-oriented

EU’s AI Act, like previous rules on technology, looks more defensive than investment-oriented

January 9, 2024

Co-sponsor

Premium

Funds vying for management consulting firm BIP, a CVC portfolio company. All deals in the sector

Funds vying for management consulting firm BIP, a CVC portfolio company. All deals in the sector

March 6, 2025
Private equity, Italy 2024 closes with 588 deals as for investments and divestments from 549 in 2023. Here is the new BeBeez’s report

Private equity, Italy 2024 closes with 588 deals as for investments and divestments from 549 in 2023. Here is the new BeBeez’s report

February 10, 2025
Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

November 4, 2024
Venture capital investments top €1.3bn in 208 rounds as of Sep30  in Italy. They were €1.5 in all 2023. The new BeBeez Report

Venture capital investments top €1.3bn in 208 rounds as of Sep30 in Italy. They were €1.5 in all 2023. The new BeBeez Report

October 28, 2024
Next Post
Wilmes (Golding), we have a 10 years’ track record in private equity secondary markets generating a 30% IRR

Wilmes (Golding), we have a 10 years' track record in private equity secondary markets generating a 30% IRR

Munich-based agtech FarmInsect bags €8 million to manufacture protein-rich animal feed from insects

EdiBeez srl

C.so Italia 22 - 20122 - Milano
C.F. | P.IVA 09375120962
Aut. Trib. Milano n. 102
del 3 aprile 2013

COUNTRY

Italy
Iberia
France
UK&Ireland
Benelux
DACH
Scandinavia&Baltics

CATEGORY

Private Equity
Venture Capital
Private Debt
Distressed Assets
Real Estate
Fintech
Green

PREMIUM

ItaHUB
Legal
Tax
Trend
Report
Insight view

WHO WE ARE

About Us
Media Partnerships
Contact

INFORMATION

Privacy Policy
Terms&Conditions
Cookie Police

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHub
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
    • Private Data
Subscribe
  • Login
  • Cart