Monday, June 24, 2024

Silverstone electric vehicle firm restarts operations following restructure

Silverstone-based electric vehicle firm, Lunaz, backed by David Beckham, has restarted operations after a company restructure. It follows an entry into administration in March.

According to a report from administrators FRP, in early 2024 the company sought to raise additional funding through a series-B fund raise but was unsuccessful. In response, the board of directors reviewed the company’s financial position and concluded that it was unable to continue to fund the ongoing costs of the group, unable to repay its loans and that the company was insolvent.

Following the restructure, Lunaz will now continue electrifying classic cars and up-cycling commercial vehicles under a new structure and business entities, as reported by City A.M., with the business saying that order books are open.

Classic car electrification will resume under Lunaz Design, and commercial vehicle operations, such as bin lorries, through Up-cycled Electric Vehicles.

David Lorenz, founder, said: “We are delighted to have worked with our clients and stakeholders to create a new structure that lays the foundations for the long-term sustainable growth of the business.”

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