Vivarail, manufacturer of battery and hybrid trains, has filed a Notice of Intention to appoint administrators.
Established in 2013 by Adrian Shooter CBE, Vivarail has spent the last nine years investigating, trialling, developing, and testing battery technology for rail. Its work has included the development of its own patented Fast Charge system.
The company benefitted from the financial support of a sole investment partner. However, having agreed to operate without reliance on further funding in early 2022, its Board of Directors approved a sale process but have been unable to attract new investors.
Steve McBride, Managing Director of said: “The Board and I have worked incredibly hard to secure new investment in recent months, and although we have been encouraged by the level of interest, time is now against us to allow potential investors to step in. Combined with slow market conditions and delays in reaching certain key commercial arrangements we have had no choice but to file a Notice of Intention to appoint Administrators with the Courts.”
The company’s Management, Board of Directors, and advisors are working hard to find a solution, consulting with customers and other stakeholders to try and drive the business forwards. However, if they are unable to deliver a rescue package, the company will enter Administration.
Image credit: Vivarail
