Dutch electric bus builder Ebusco has been rescued from looming bankruptcy after issuing new shares to raise €36 million.

The coming months will remain challenging for the company, said director Christian Schrey. “But I am fully confident we will be able to improve our performance.”

Ebusco’s problems came to a head last month when two clients canceled major orders after the company said it could not deliver them on time due to a shortage of parts. The company even went to court to try to force Qbuzz to move ahead with the order but lost.

Last week, Ebusco said it would face debts of €60 million if it could not raise €36 million via the new share issue and that would have meant bankruptcy in the first quarter of next year, broadcaster NOS reported.

The company raised some €5 million through inventory sales and agreed on a deal with a German bus firm to take over 48 of the busses from the cancelled orders. That will raise a further €22.7 million.

ING, the Van der Valk family and US investor Heights Capital Management all agreed to put more money into the company or swap debt for shares. Chinese battery maker Gotion has also taken a stake.

Ebusco, based in Deurne, east of Eindhoven, launched its first emissions-free bus in 2013.