Electric Motorcycle Company Energica is Shutting Down

On Tuesday we brought you the worrying news that Energica was possibly going bust, and that’s now sadly been confirmed.

According to reports in Italy earlier in the week, Energica Motors was reportedly in danger of going bust as the electric motorcycle company has already laid off employees and has narrowly avoided eviction.

Emergency meetings to try and find a solution were held on Monday and Tuesday, however, a press release has been made by the company announcing its plans to file a bankruptcy judicial liquidation pursuant.

An electric motorcycle supplier as well as a supplier of MotoE bikes for several seasons, Energica has held a strong position within the racing and motorcycle sales sectors. But that hasn’t been able to stop the company from reaching its sad end.

Given its previous success, sections of the Italian media allocated blame towards Energica’s American parent company, Ideanomics.

In the press release shared specifically with Rideapart, Energica made reference to Ideanmoics who are known for having a rocky history, confirming the American company did not wish to comment on the situation.

The press release said: "Energica Motor Company SpA, a manufacturer of high-performance electric motorcycles 75 per cent 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.

"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.

"This press release is attributed to the founding members of Energica. It is noted that Ideanomics has chosen not to comment."