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.
Officially founded in 2014 as Energica Motor Company Srl, and with a design phase that began in 2009, the company has established itself over 15 years as a benchmark for high-performance electric mobility, demonstrating resilience and innovation.
Thanks to its technical know-how, considered the company’s main asset, Energica has introduced four technological platforms to the market and has served as the Unique Manufacturer of the fourth MotoGP electric category, the FIM Enel MotoE World Cup, for four consecutive years. Despite the challenges posed by the global pandemic, Energica achieved record sales volumes and revenues with the launch of the Experia model.
Energica’s entrepreneurial vision has been supported and financed from the outset by its founding partners, who in 2016 decided to list the company in the AIM Italia sector (now Euronext Growth Milan), dedicated to innovative Italian SMEs, to secure the necessary capital for growth that they could no longer sustain alone. The company was listed with a capitalization of €37.3 million.
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.
The company has also faced challenges from the downturn in the automotive market and supply chain, being particularly affected as a small and medium-sized enterprise. The commitment to its objectives and mission has remained steadfast, as demonstrated by initiatives like the solidarity contract aimed at safeguarding workers and overcoming the difficult period.
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.
Throughout its history, the company has consistently invested in its workforce, training staff in the most innovative skills in the electric mobility sector, without making any contract terminations in its 15 years of activity. The founding members have prioritized young talent, collaborating closely with schools and universities across the country and beyond. The average age of Energica employees has always ranged from 28 to 35 years.
Management has guaranteed salaries even during the most challenging periods, where necessary also thanks to the support of the Italian minority shareholders, always with a view to preserving business continuity and in the best interest of creditors and all stakeholders. In the last two years, some employees have voluntarily left the company; these professionals have since been absorbed by major players in the Motor Valley.
This press release is attributed to the founding members of Energica. It is noted that Ideanomics has chosen not to comment.
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ENERGICA TIMELINE
Energica was born in the Italian Motor Valley, the land of legendary brands. Founded in 2014, CRP Group is an excellence in the world of world motorsport.
2014 launch of the first model, the Ego sportbike followed in 2015 by the Eva hypernaked. First legacy platform (Ego, Eva, EsseEsse9) with the same powertrain, 13.4 kWh battery and 150 km range.
2016 listing on the AIM Italia stock exchange – start of production.
2017 launch of the third model, the retro naked EsseEsse9 – the same technological platform, the legacy, of Ego and Eva.
2018 Dorna chooses Energica as the sole supplier for the first FIM Enel MotoE World Cup championship, the fourth category of the full electric MotoGP world championship. Together with Dorna, Energica forges an electric world championship, building rules and procedures that are still in force today.
2019/2022 4 years MotoE without any technical problems. Energica has been recognized by the financial market, which has allowed it to become self-sufficient and to self-finance, although not at the levels necessary for product industrialization, which is crucial for reaching break-even more quickly. This occurred especially during the significant challenges faced in the first year of competition.
2019 Energica introduces the 21.5 kWh battery with a range of up to 400 km. In 5 years, SME Energica has introduced 2 powertrains on the market (one with a 13.4 kWh battery and one with a 21.5 kWh battery, increasing the range of vehicles by 250 km, lowering the weight of its motorcycles by about 10 kilos).
2021 Launch of the new EMCE engine with industrial engine reshoring. A new technological platform with an EMCE motor with less weight and greater efficiency is therefore born. In these complex years marked by the global pandemic, Energica remains an Italian SME listed on the AIM that continues to invest with its own strengths, also doing reshoring and inserting a new technological platform.
March 2021 Ideanomics – new investor that allowed a technological boost: in 2022 launch of the Green Tourer Experia with new platform (+autonomy, -weight) and launch of the Energica Inside business unit (following the interest of large OEMs in Energica powertrains).
2022 Energica achieves record sales volumes and revenues of 13 million euros thanks to Experia and despite the covid years.
With the EMCE and Experia motor, Energica has launched, in 13 years of history, 4 technological platforms (with 13.4 kWh battery, with 21.5 kWh battery, with 21.5 kWh battery and EMCE motor, Experia platform).
2023, MotoAmerica Super Hooligan Championship with the Eva Ribelle RS with Customer Racing Kit. No electric vehicle had ever challenged traditional vehicles on the track, not even on four wheels and certainly not in a competition regulated by an international federation. She finished fourth in the championship and finished second in the Austin race at the Circuit of the Americas.