In Germany, the Aachen-based final mile vehicle producer Moove GmbH has filed for insolvency. According to administrator Dirk Wegener, the company, which specialises in electric shuttles and currently employs 90 people, has been “hit by recent developments in the financial market.”
Moove GmbH filed for insolvency with the Aachen District Court on October 19, according to an official company statement. The company claimed it became stuck on a financing round that could not be completed on time, “which led to payment difficulties.” Moove GmbH is in the process of ramping up capital-intensive production of the all-electric CargoMover van and PeopleMover minibus.
The company received street approval for its electric shuttle bus in early 2021. The Cargo version, like the first member of the Mover family, the People Mover, was intended to be available with a fuel cell range extender on request. The People Mover, which was unveiled in 2018, has nine seats and six standing places and can drive for up to ten hours in the city centre.
“We see a highly innovative company here whose developments are about to be ready for the market, and we will do everything in our power to win new investors with a viable restructuring concept,” provisional insolvency administrator Dirk Wegener is quoted as saying in the statement.
Günter Butschek, CEO at Moove, adds: “We are convinced that we can find a quick solution in the interest of our motivated staff, our committed partners and our vision of innovative sustainability.” The concept and pre-series phases, which form the basis for series development, have been completed, he says. There is “great interest from potential investors”.