The assets of Lightning eMotors Inc., a collapsed electric-vehicle company, are set to be sold to Livermore, California-based Gillig LLC for $12.6 million in cash. The sale is expected to close next week following court actions and approvals by Larimer County District Judge Laurie Dean. The Loveland-based operations of Lightning eMotors will be taken over by Gillig, who has leased 55,000 square feet in Building A of the Forge Campus, with plans to continue developing electronic drive trains.
The City of Loveland’s acting economic-development director, Marcie Willard, confirmed that Lightning had already moved its operations out of the 105,000-square-foot Building B and that there has been significant interest from other entities in the space. Similarly, Mike Staheli, managing director at Cordes & Co., stated that while the company is working to resolve issues with some of Lightning’s unsecured creditors, they were fortunate to find a buyer who is willing to continue some element of Lightning’s work.
The relationship between Gerco LLC and Gillig is still unclear, and it is unknown what brand the Loveland operations will be conducted under. Gillig, a private company founded in 1890 that manufactures buses, had already made offers of full-time jobs to some Lightning eMotors engineers this month.
The sale of Lightning eMotors’ assets came after the company faced supply-chain challenges, the failure of a pair of battery makers, massive losses, and a bevy of lawsuits. The rapid growth and pioneering innovations that marked their 15-year journey sadly ended with the collapse of its share prices and delisting by the New York Stock Exchange.
Although Lightning’s shareholders will not receive any distributions in the receivership or as a result of the transaction, it is good news that Whitacre-Baylor than 40 employees will continue to develop electronic drive trains under Gillig. The sale of assets is meant to provide proceeds to the creditors of Lightning eMotors and its subsidiary, Lightning Systems Inc., as ordered by the court.
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