Is Estonian startup SeaNest, which is developing a three-wheeled electric vehicle Nobe Cars, going to shut down soon?

The Estonian startup SeaNest OÜ, which is developing the electric car Nobe Cars, may close down soon. It has already closed its website due to unpaid bills. In addition, only one employee remains at the company.  

Founded in 2017 by Roman Muljar, SeaNest OÜ develops a three-wheeled vehicle with two batteries under the brand Nobe Cars. The main battery puts the power behind each wheel, and a separate battery provides power for the supporting systems such as light, heat, and the ever-present radio. Nobe Cars’ big wheels and all-wheel drive make it an all-terrain vehicle (ATV).

In 2020, Roman Muljar founded Nobe Cars USA, another company in Delaware with Mati Otsmaa and Toomas Koger to start developing Nobe Cars in the US. It was merged with Seanest. However, according to the commercial register, business relations with the US parent company had ended, and Roman Muljar owned 100% of SeaNest as of January 2023. Back then, Muljar commented that relations had ended due to a disagreement with investors.

Despite the fact, that SeaNest's vehicle drew a lot of attention from the media and public, SeaNest had trouble raising extra investments and had ongoing financial difficulties. According to SeaNest’s latest report for 2022, its sales revenue was €593K, with a loss of €151K. The company's current assets amounted to €57K.