Australian electric vehicle startup MEVCO, once hailed as a rising player in mining electrification, has gone into liquidation just three years after its founding and a year after announcing a partnership with Rivian.
Founded with the goal of electrifying the mining sector, MEVCO aimed to replace traditional light commercial vehicles such as Toyota Hilux and Land Cruiser models with electric pickups and off-road vehicles. The company planned to provide not only the vehicles but also charging infrastructure, maintenance services, and monitoring systems for mining operations across Australia and abroad.
In April 2024, MEVCO announced a strategic partnership with Rivian to use factory-new R1T electric pickups as the foundation for its mining vehicle conversions. The modified vehicles featured heavy-duty add-ons such as reinforced load bed frames, bull bars, and safety flags for visibility in mining environments. However, just 18 months after the announcement, MEVCO has ceased operations. Insolvency specialist BRI Ferrier was appointed on September 10 to oversee the company’s liquidation.
Documents filed with Australian authorities show MEVCO’s assets include three Toyota Hilux units and thirteen Rivian R1T pickups. Additional vehicles, including one van, were reportedly part of the fleet, though details remain unclear. The left-hand drive configuration of the Rivian vehicles means they cannot legally be sold in Australia, leaving their fate uncertain.
Financial records indicate MEVCO owes approximately AUD 500,000 to around 14 individuals and AUD 13 million to more than 50 creditors, alongside AUD 2.9 million in secured debts to four creditors. The company also holds AUD 7.1 million in outstanding claims, mostly linked to a single entity.
Industry sources suggest MEVCO’s downfall was influenced by a failed deal with mining giant Fortescue, which had trialed three Rivian R1T vehicles at its Pilbara mines earlier this year. After a six-month testing period, Fortescue reportedly opted not to proceed with large-scale adoption, dealing a major setback to MEVCO’s expansion plans.
Source: drive.com.au