Lightning eMotors began liquidating its assets in February, following financial challenges that led to a receivership sale. Gillig, a leading manufacturer of heavy-duty transit buses, has announced that its wholly-owned subsidiary, Gerco, has acquired select assets from Lightning eMotors and Lightning Systems through this sale.
A significant portion of Lightning’s assets, including former engineers, will now be transferred to Gillig. Lightning eMotors, known for designing and manufacturing electric vehicles for commercial and government fleets, faced financial difficulties, leading to receivership after a lawsuit by the Cupola Infrastructure Income Fund, which had loaned the company $3 million.
Gillig’s acquisition of select assets and hiring of former Lightning engineering employees will expand Gillig’s existing expertise and engineering capacity. The acquired assets will launch Gillig’s new Colorado Technology Center, which will serve as an engineering hub for the manufacturer of heavy-duty transit buses.
Derek Maunus, President and CEO of Gillig, commented on the acquisition, stating, “This exciting acquisition focuses on a talented team of former Lightning employees and the tools they need to support Gillig’s roadmap.” He emphasized that Gillig’s mission to design, build, and support America’s safest, most reliable heavy-duty transit buses remains unchanged, and the acquisition will enhance Gillig’s engineering capacity to integrate evolving zero-emission technologies.
Lightning eMotors, based in Loveland, Colorado, was known for repowering commercial vehicles and developing electric powertrains and analytics capabilities. The company began producing its Lightning ZEV4 platform for electric light commercial vehicles in June 2023. Lightning had partnerships with General Motors and Blue Bird and had revealed a mobile DC charging station in 2022. In the UK, Lightning had partnered with Ricardo for electric trucks.
Gillig clarified that Lightning had discontinued its business operations prior to Gerco’s purchase, and neither Gillig nor its subsidiary will resume these operations.
