Collapsed Breathe EV sells electric PHV assets, protecting London Mayor's green fund investment

Breathe EV, a troubled electric vehicle company formerly backed by London Mayor Sadiq Khan, has successfully sold its assets out of administration.

The sale, overseen by Begbies Traynor, has ensured the protection of taxpayer investments, including the Mayor of London's Energy Efficiency Fund (MEEF).

Breathe EV had faced well documented financial difficulties in recent months, raising concerns about potential losses to the MEEF. However, with the acquisition of the company's assets by Otto Car, those concerns have been alleviated.

According to Energy Live, a spokesperson for the Mayor of London, said: “The MEEF is the largest of its kind in the UK and has already invested in 18 projects across London mobilising over £399 million of investment which is expected to save over 38,000 tonnes of carbon dioxide and nearly 40 million kwh of energy.

“The Mayor is pleased that Otto Car is acquiring the business and assets of Breathe and therefore securing the Mayor’s investment.”