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For 15 years, Loveland-based Lightning eMotors has played a major role in converting fleets, including school buses, to electric vehicles.
But in recent years, the company has fallen on hard times. A few weeks ago, Lighting eMotors told the Federal Securities and Exchange Commission that it would sell assets and the proceeds would go to creditors. The closure resulted in the loss of 269 jobs.
BizWest editor and publisher Chris Wood joined KUNC host Michael Lyle on Monday to discuss the company’s downfall.
Wood said the combination of the COVID-19 pandemic and financial woes led to the company’s demise.
“That growth was really hampered by supply chain issues,” Wood said. “The pandemic has disrupted supply chains around the world, particularly negatively impacting electric vehicle companies.”
During December, tesla north, A trade publication that tracks EV companies has published a list of more than a dozen EV companies it predicts could run out of cash. Wood said Lighting was on that list, but the company decided to pull out long before it was published.
Lightning was also hampered by several lawsuits. Wood said one of the lawsuits involves a lawsuit the company filed against one of its battery suppliers. They claim the company failed to fulfill its contractual obligations to supply batteries.
“That case is still ongoing,” Wood said. “At the very least, a settlement has been proposed and will be decided in the coming weeks and months.”
Wood said another EV company could move into the Lightning site and contribute to Governor Polis’ plan to convert most, if not all, cars, buses and trucks in the state to electric vehicles by 2030. He added that there is a possibility.
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