A pioneer of high-performance electric motorcycles has to file for bankruptcy. A few years ago the company was still generating record sales.
The Italian company Energica, known as a pioneer in electric motorcycles, has filed for bankruptcy. According to a report by “Motorradonline”, the board of directors has initiated liquidation proceedings to sell the remaining assets to service creditors. This means the final end for the company, which was considered a pioneer in electromobility for years.
Energica, which also served as the exclusive manufacturer of the MotoE World Championship, has faced significant economic difficulties in recent years. The downturn in the global electric vehicle market and the decline in investments in the electric mobility sector affected the company’s stability. Energica was hit particularly hard when the American majority shareholder Ideanomics, which holds 75 percent of the shares in Energica, also ran into financial difficulties.
The company was founded in 2014 and was achieving record results until a few years ago. Energica was able to record sales growth of 200 percent to 13 million euros in 2021 thanks to the “Experia” model. With a capitalization of 43.7 million euros, the Stromer manufacturer was listed on the stock exchange in 2016, and the shares were delisted from the Milan Stock Exchange at the end of March 2022.
Energica was unable to escape the economic downturn that followed. Attempts to attract new investors were unsuccessful. In the end, the company was forced to go into liquidation in order to service its remaining creditors.
As part of the liquidation process, a court-appointed administrator will sell Energica’s assets, including manufacturing assets, patents and intellectual property. The income should be distributed according to the legal order of precedence, with priority given to employee wage demands and tax obligations.
With the bankruptcy, the electric motorcycle industry is losing one of its most innovative players. Energica had made a name for itself over the years, both through technological advances and its role in motorsports. However, the difficult market conditions and the lack of capital raising ultimately led to the company’s demise.