The collapsed electric vehicle (EV) company, previously backed by London Mayor Sadiq Khan, successfully sells its assets out of administration.
Facing financial difficulties, Breathe EV entered administration last month, raising concerns about potential losses to the Mayor’s green fund.
However, in a deal overseen by Begbies Traynor, the company’s assets have been acquired by Otto Car, ensuring the protection of taxpayer investments.
The Mayor of London’s Energy Efficiency Fund (MEEF) had previously invested in approximately 100 EVs under Breathe’s operation.
A spokesperson for the Mayor of London, said: “The MEEF is the largest of its kind in the UK and has already invested in 18 projects across London mobilising over £399 million of investment which is expected to save over 38,000 tonnes of carbon dioxide and nearly 40 million kwh of energy.
“The Mayor is pleased that Otto Car is acquiring the business and assets of Breathe and therefore securing the Mayor’s investment.”
Article source: https://www.energylivenews.com/2023/07/21/collapsed-ev-company-backed-by-london-mayor-sold-out-of-administration/