After a decade of attempting to make a commercially viable EV, and filling the MotoE grid for four seasons, Italian pioneer Energica has pulled the plug. “Energica Motor Company SpA, a manufacturer of high-performance electric motorcycles 75% controlled by the American fund Ideanomics Inc., announces that its Board of Directors meeting held on 14 October 2024 at 3:00 p.m. resolved to enter into a bankruptcy judicial liquidation pursuant to art. 121 et seq. of the insolvency law.” Apparently the wheels fell off when Ideanomics ran into problems.
“In 2021, with the investment from Ideanomics Inc., Energica launched the Experia model, achieving record sales volumes and revenues of €13 million, a 200% increase compared to 2021. In March 2022, Ideanomics successfully completed a voluntary takeover bid, which allowed the shareholders to transform the company into a private entity, making it more free and flexible in managing financing and agile in its growth. However, the subsequent crisis in the electric market and the decline in sector investments impacted Ideanomics, and consequently, compromised Energica’s investment capabilities.” Without funding the only apparent option was to liquidate.
“Despite the efforts from the management in actively and extensively pursuing a search for new investors – always with the aim of preserving going concern in the best interest of creditors – it has become clear in the last few hours that these alternative options are no more viable, thus leaving the company with no other choice than resolving for the opening of a bankruptcy judicial liquidation, thus allowing repayment of creditors to the extent possible from the proceeds of liquidation and according to pari passu rule and priority rankings.”
