Gillig acquires select Lightning eMotors assets in receivership
A significant portion of Lightning eMotors and Lightning Systems’ assets and former engineers will now be going to Gillig. Lightning designed and manufactured electric vehicles for commercial and government fleets and went into receivership following a lawsuit by the Cupola Infrastructure Income Fund that had loaned the company 3 million US dollars. The manufacturer, which went public in May 2021 in order to rapidly accelerate the business to keep up with demand, reported problems with battery suppliers, including the bankruptcy of battery company Proterra – with whom the company had a major supply deal – as well as supply chain issues. The manufacturer expected to be delisted by the New York Stock Exchange, which prevented it from raising money.
In December 2023, the Securities and Exchange Commission (SEC) approved bankruptcy advisor Cordes & Company as the receiver of all assets owned by Lightning eMotors. Now, Gillig has announced it will purchase select assets and hire a number of former Lightning engineering employees, to expand Gillig’s existing expertise and engineering capacity.
Gillig has announced that the acquisition will launch its new Colorado Technology Center, which is to become an engineering hub for the manufacturer of heavy-duty transit buses. Gillig’s subsidiary Gerco has been approved by a court-appointed receiver for the acquisition of Lightnings assets. Lightning’s business operations were not acquired, and Gillig states that neither it nor its subsidiary will resume these.
The acquisition of Lightning’s assets and the employment of a number of its engineers will allow Gillig to expand its powertrain engineering capacity.
“This exciting acquisition focuses on a talented team of former Lightning employees and the tools they need to support Gillig’s roadmap,” stated Derek Maunus, Gillig’s President and CEO. “Gillig’s mission to design, build, and support America’s safest, most reliable heavy-duty transit buses has not changed.” He continued, saying the acquisition allows Gillig greater engineering capacity “to integrate quickly evolving zero-emission technologies.”
Based in Loveland, Colorado, Lightning was known for repowering commercial vehicles and developing electric powertrains and analytics capabilities. The zero-emission medium-duty commercial and electric vehicle technology provider began producing its Lightning ZEV4 platform for electric light commercial vehicles in June 2023. The company began with retrofitting conventional commercial vehicles with electric powertrains and experienced rapid growth with partnerships with General Motors and Blue Bird. Lightning revealed a mobile DC charging station in 2022. In the UK, lightning had partnered up with Ricardo for electric trucks. According to Gillig, Lightning discontinued its business operations prior to Gerco’s purchase.
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