New Bedford Renewable Energy Company Makes a Come Back

Vectrix in ‘Stronger Hands’ after Bankruptcy
By Charis Anderson

NEW BEDFORD — Vectrix Corp., an electric scooter company, has been relaunched under new ownership after entering Chapter 11 bankruptcy protection last fall.
The new company, which is incorporated in Delaware, has made New Bedford its U.S. headquarters and has leased space in the New Bedford Business Park that was occupied by the former incarnation of Vectrix, as well, according to Thomas Davis, the park’s executive director.
The company already has a small team of development, operations and sales staff in the New Bedford office and will be evaluating its needs for additional employees over the next 90 days, said Brian Buccella, vice president of sales and marketing.
Over time, the New Bedford facility will grow to include engineering and test facilities, sales offices and a multi-product vehicle assembly line, according to Buccella, who said the company would be ramping up over the next year.
“This is one of those situations where a difficult economy and situation for one company ends up turning into an (opportunity) for another company,” Mayor Scott W. Lang said. “I think it’s a real positive development.”
After the former Vectrix Corp. filed for Chapter 11 protection in September, it reached a deal to sell most of its assets to New Vectrix LLC, which was sponsored by the New York-based GH Venture Partners LLC.
EVB Technology (HK) Limited, an affiliate of Hong Kong’s Gold Peak Industries (Holdings) Limited, also holds an interest in New Vectrix LLC, according to court records.
Davis said he thinks the new ownership will provide the company with more financial stability.
“Vectrix before was a start-up,” he said. “Now they’re in much stronger hands.”
The company plans to relaunch its brand at dealer expo in Indianapolis, Ind., this weekend, according to a release.
Vectrix, which will develop and sell zero-emission, two- and three-wheel vehicles, has begun to ship spare parts and finished products to customers, the release stated.
“The heart of the Vectrix Corp. was always the technology that was developed locally by a New Bedford engineering team,” said Matthew Morrissey, the executive director of the New Bedford Economic Development Council. “We’re delighted that a buyer found that technology of value.”
Morrissey said the EDC will work with the new Vectrix team as they work to create jobs in New Bedford.

canderson@s-t.com

February 09, 2010
Source URL:
http://www.southcoasttoday.com/apps/pbcs.dll/article?AID=/20100209/NEWS/2090307

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