An electric truck manufacturer whose founder has been labelled ‘the Elon Musk of Essex’ is facing administration as it looks for a last-gasp rescue deal.
Tevva Motors, the Essex-based start-up, said it has filed a notice to appoint administrators after failing to drum up enough cash to keep the company afloat.
By issuing the notice, the group is temporarily protected by the law from its creditors, allowing it time to search for extra cash.
Tevva was set up over a decade ago by Asher Bennet, the Elon Musk comparative and older brother of Naftali Bennet, the former Israeli prime minister.
It had attempted to build trucks using hydrogen fuel-cell technology to replace traditional lorries, having secured deals with companies such as Travis Perkins (LSE:TPK) and the Royal Mail.
A spokesperson for the company said: “Despite positive customer interest in Tevva and its products, current global economic conditions have created a challenging environment for electric vehicle startups.
“As a consequence, we have filed notice of intent to enter administration with the court while the board is pursuing investment that secures the future of the company.”