EVie has announced that its bikes are being completely taken out of action because its been unable to find a new insurer.
The e-bike hire service is no longer suspended but completely removed from the island as there is no 'suitable solution' for the future of the bikes.
Islanders were stopped from using the iconic yellow bikes on 2 March and they were taken away from public locations.
It followed EVie's insurer unexpectedly withdrawing from the market here, with just over a week's notice.
READ: EVie Bikes Turned Off As Insurer Withdraws
The rental company has been trying to find an alternative insurer. However, the premiums it has been quoted have been too high.
CEO Nick Perchard-Rees says it has been the perfect storm.
"You've got the size of the fleet. It's not 10,000 to 30,000 bikes, it's 150 to 180 bikes.
"You've got the desire to operate in the Channel Islands, and then you've got some of the misconceptions that come with electric bikes. Unfortunately, we get bundled into that."
The CEO says the business they cannot fund the level of insurance premium it has been quoted.
"The board of directors can't continue to fund, what essentially is, a transport service.
"We have been looking for support on that and, unfortunately, it hasn't been forthcoming."
Talks with Ministers fell through, regarding an approach for help in running the island's electric bike fleet.
Infrastructure Minister Andy Jehan told States members on Tuesday:
"We met with EVie in February, then there was an exchange of emails with the CEO in mid-March about a proposal to the government around a shared mobility fleet suggesting a number of alternatives for EVie's electric bike fleet.
"However, on the basis of the information provided by EVie, there was not a strong business case for government involvement, so the matter was not pursued."
READ: 'No business case' for government to play part in operating Jersey's EVie bikes
EVie has reassured islanders that the car and van hire services will remain in place and three new vehicles are being added to the fleet.
The company is also working on a new potential 'A to B' service, allowing customers to pick up a car from one location and drive it to another drop-off point.
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