The startup that added a petrol generator to Tesla cars is bankrupt: Report
An Austrian engineering firm, Obrist, renowned for its innovative approach of equipping Tesla electric vehicles with a compact petrol-powered generator to enhance their driving range, has succumbed to bankruptcy.
This development represents a significant setback for an unconventional strategy within the realm of vehicle electrification.
As reported by Inc.com, the insolvency of Austria-based Obrist has resulted in three of its operating subsidiaries facing collapse after more than ten years of endeavoring to commercialize its distinctive HyperHybrid technology.
The bankruptcy filing impacts Obrist Powertrain GmbH, Obrist Technologies GmbH, and their German sales subsidiary, amassing combined liabilities estimated at approximately €31.8 million (around $37 million).
Notably, this debt only pertains to the insolvent subsidiaries, as the parent company remains intact and operational, as cited by electric vehicle publication Electrek.
Obrist first garnered worldwide acclaim by showcasing Tesla cars installed with a miniature combustion-engine generator designed to replenish battery power during travel.
The firm maintained that its HyperHybrid system could serve as a cost-effective and potentially eco-friendlier alternative to extensive battery arrays.
According to legal filings referenced by Inc.com, Obrist Powertrain, accountable for advancing the HyperHybrid technology, owes around €18.85 million to 34 creditors.
Prior to its bankruptcy declaration in late September, the company had drastically downsized its workforce to a mere nine employees.
Meanwhile, Obrist Technologies, which possessed patents relevant to methanol production and carbon capture methodologies, reportedly carries debts totaling approximately €6.08 million owed to 10 creditors, while having no remaining employees.
The group’s sales arm in Germany, Obrist DE, has also declared insolvency, with liabilities nearing €6.8 million.
The filings were submitted to the Feldkirch Regional Court located within Austria’s Vorarlberg region. Reports indicate that the companies notified the court of their inability to consider restructuring or sustained operations, leading to immediate cessation of business activities.
This collapse highlights the formidable challenges encountered by automotive technology startups attempting to establish a foothold in the dynamically transforming electric vehicle sector.
Despite extensive development and notable demonstrations, the firm ultimately fell short in its pursuit of achieving large-scale commercial production of its technology, as indicated by Inc.com.
Source link: Cnbctv18.com.
