Vivarail, a manufacturer of battery and hybrid trains, has announced that it has submitted a notice of intent to hire two directors.
Adrian Shooter CBE founded Vivarail in 2013, and has spent the past 9 years researching, experimenting and developing battery technology.
This research also saw the development of the Fast Charge system, which can recharge a battery-powered train in just ten minutes. This is set to come to fruition in 2023 when Vivarail’ s Class 230 Service West Ealing to Greenford with Fast Charge equipment.Read:Will the Ethereum Merge Reduce Crypto Emissions?
The company had the financial support of a sole investment partner – however, Vivarail’s board of directors agreed to do so. to operate without further funding in early 2022.
Since this decision, the Board of Directors has approved the sale and has worked to attract new investors.
Although Vivarail had a ‘positive level’ of interest the board had to file a notice of intent to appoint administrators to the courts, which was done on 23 November.
Steve McBride, Managing Director of Vivarail, explained: “The Board and I have worked hard to secure new investment in recent months, and although we have encouraged the level of interest, the time is now against us to allow potential investors to step forward along with sluggish market conditions and delays in accessing Some major business arrangements, we had no choice but to submit a notice of intent to appoint administrators to the courts.Read:Inside brilliant bachelor’s pad hitting rental market in Newcastle United star heartland for eye-watering sum
The next few weeks undoubtedly present a degree of uncertainty for everyone connected to Vivarail, including our 70 employees who have shown incredible commitment and dedication to decarbonising our rail line. During this time, management and the board of directors or board members and our advisors will spare no effort in finding a solution.Read:BoE in line of fire over UK’s double-digit inflation
We will now consult with our customers and other stakeholders to try to move the business forward, but we must be realistic about that if we cannot deliver a bailout package, management will unfortunately be unavoidable.”