For 15 years, the Loveland-based Lightning eMotors was a juggernaut in the conversion of fleet vehicles to electric vehicles, including school buses.
But in recent years, the company has fallen on hard times. A few weeks ago, Lighting eMotors told the federal Securities and Exchange Commission that its assets will be sold, with the proceeds going to creditors. The closure resulted in the loss of 269 jobs.
BizWest editor and publisher Chris Wood joined KUNC host Michael Lyle Monday to discuss the company's downfall.
Wood said a combination of the COVID-19 pandemic along with their financial struggles contributed to the company's demise.
"Its growth was really stymied by supply chain issues," said Wood. "The pandemic disrupted supply chains globally, and it had a particularly negative impact on electric vehicle companies."
In December, Tesla North, a trade publication that tracks EV companies, published a list of a dozen EV companies that they predicted could experience a cash crunch. Wood said Lighting was on that list, but the company decided to fold well before it was published.
Lightning was also hampered by several lawsuits. Wood said one of the lawsuits involves a suit the company filed against one of its battery suppliers. They allege the company failed to fulfill its contractual obligations to supply batteries.
"That case is still ongoing," said Wood. "There is at least a potential settlement proposed that will be decided in the coming weeks and months."
Wood added that another EV business could move into the former Lightning location and help contribute to Governor Polis' plans to have most, if not all cars, buses and trucks across the state converted to electric by 2030.