An Australian electric vehicle startup's dream has turned sour, leaving a trail of debts and a fleet of unused cars. MEVCO, a company with ambitious plans to electrify the mining industry, has hit a dead end, entering administration and potentially leaving behind a treasure trove of electric utes for grabs.
But what went wrong? MEVCO aimed to revolutionize mining operations by modifying Rivian's R1T utes to meet mining specifications. In April 2024, they announced a deal to target mines in Australia and North America. However, the company's journey took a controversial turn.
Documents reveal that MEVCO entered administration on September 10, 2025, with a surprising fleet of vehicles in its possession. This includes 13 Rivian R1Ts, three HiLux utes, and four other Rivian vehicles, one of which is believed to be a van. Interestingly, MEVCO claimed to have received hundreds of vehicles from Rivian for deployment, but the fate of these cars is uncertain, as they remain left-hand drive and cannot be sold for use on Australian roads.
And here's where it gets intriguing: MEVCO's client list includes mining giant Fortescue, who trialed the Rivian utes but ultimately decided against further deployment. The company also had dealings with Kalgoorlie Consolidated Gold Mines and Mineral Resources Limited, both of which declined to comment on their debts to MEVCO.
The financial situation is complex. MEVCO owes money to numerous individuals and entities, with 14 people owed nearly half a million dollars, and 50 creditors owed over $13 million. Yet, the company is also owed substantial amounts, including over $7 million from a mysterious entity in the USA.
As the liquidator steps in to untangle this web of assets and debts, the story raises questions. Was MEVCO's vision too ambitious? Could the company's focus shift have contributed to its downfall? And what will become of the electric utes, left stranded in this financial drama?
What do you think? Is this a cautionary tale for startups, or a missed opportunity for the mining industry? Share your thoughts below!
