Established in 2013 by industry veteran, Adrian Shooter CBE, Vivarail has dedicated the last nine years to investigating, trialling, developing, and testing battery technology for rail, which includes the development of its own patented Fast Charge system, able to re-charge a battery-powered train in just ten minutes.
The first and only company in the UK to design and build zero emission battery and hybrid battery trains, since inception, it has benefitted from the financial support of a sole investment partner. However, having agreed to operate without reliance on further funding in early 2022, Vivarail’s Board of Directors approved a sale process and have been working hard to attract new investors
Steve McBride, Managing Director 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.
Although the company has received a positive level of interest in recent months given its exciting pipeline of growth opportunities, the Board faced no choice but to file a Notice of Intention to appoint Administrators with the Courts on 23rd November 2022.
