Tuul had been a competitor to Bolt in the e-scooter rentals market for several years.

The company on Friday filed for bankruptcy with the Harju County Court.

"I sincerely regret and apologize to investors that, despite our team's efforts, we were unable to successfully complete this journey," said Tuul Mobility founder and board member Kristjan Maruste.

Tuul Mobility is a wholly owned subsidiary of Comodule. The company had been operating as a provider of electric scooter rental and sharing services since January 1, 2022.

In 2025, it sold its hardware and intellectual property to Latvian firm Ride SIA.

The next interest payment date for the bonds of Tuul Mobility OÜ had been Sunday, March 29. Due to a lack of independent assets and support from the parent company, that payment cannot be made, the company announced to the Tallinn Stock Exchange.

That failure to pay interest renders the entire bond obligation of approximately €3.25 million immediately payable, leaving the management board with the legal obligation to promptly file for bankruptcy as this could not be met.

The company raised expansion capital through bonds at the start of 2022 as a competitor to Bolt, but the company found in the ensuing years the micromobility market had been hit by several setbacks, ranging from aggressive oversupply to a sharp rise in interest rates.

To minimize mounting losses and help rescue the firm, several measures were implemented in 2023–2024, including a change in management composition and the search for a new investor.

A decision was then made in autumn 2025 to suspend daily operations, and the company's hardware and intellectual property were sold to Ride SIA. This sale of assets helped stop ongoing losses and enabled layoffs to go ahead, but the proceeds too did not prove sufficient to fully cover the bond obligations.

The court is now to decide whether to accept Tuul Mobility's bankruptcy petition and appoint an interim trustee. The company's management board has also informed the bond security agent, who will take further steps regarding the collateral.

After suspending its rental service, Tuul aimed to continue servicing its bond obligations with the support of the issuance guarantor, its parent company Comodule OÜ, which develops IoT solutions for light vehicles.

At the same time, Comodule was undergoing its own sales process, whose successful completion should have ensured full repayment of Tuul's bonds. However, the parent company informed Tuul's board that that process had failed, meaning it could not support the upcoming interest payment.

Since Comodule OÜ is the guarantor of Tuul's bond issuance, Tuul's insolvency would have transferred the entire bond obligation to the parent company.

Comodule's management in turn informed Tuul Mobility that fulfilling an obligation of that size from its regular business cash flow was not viable. As a result, the company found it was forced to initiate restructuring.

Any actual capacity Comodule may have to cover the bonds will be made clear in the course of restructuring proceedings.

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