EV battery swapping provider Ample files for bankruptcy
And now, pioneering electric vehicle battery module maker and battery swapping services provider
Ample Inc. has filed for Chapter 11 protection, seeking a sale of its assets.
The San Francisco-based EV parts and services provider filed its
petition in the U.S. Bankruptcy Court for the Southern District of Texas on Dec. 16, listing $10 million to $50 million in assets and $50 million to $100 million in liabilities.
Financial distress forced Ample into bankruptcy
The debtor listed $35 million in convertible note debt, $200,000 in lease debt, and over $11 million in
unsecured debt.
The debtor’s largest unsecured creditors include Repsol Energy Ventures S.A., owed $1.5 million; Qingao Huanui Hardware Ventures, owed over $1.4 million, Mactech Corporation, owed over $1 million; MKB Partners Fund II LP, owed over $984,000; Total Quality Logistics LLC, owed over $895,000;
Stellantis Europe SA, owed over $812,000; EEI Fund 4 Investment, owed over $799,000; Transform Ample, owed $786,000; and ALM Holding, owed $700,000.
The debtor is seeking approval of $6 million in debtor-in-possession financing from Twelve Bridge Capital LLC to finance its bankruptcy case and provide working capital.
Ample manufactures modular battery systems and builds and provides battery swapping stations that quickly swap out a depleted battery with a fully charged one in 5 to 10 minutes, instead of 20-30 minutes at an EV charger. The cost of an Ample swap is about $13, according to a
Forbes report.
The battery module and services provider’s system is designed to work with a variety of EV models without requiring major vehicle re-engineering, Ample’s Chief Restructuring Officer John D. Baumgartner wrote in a bankruptcy declaration.
“The past two years have seen an industry-wide reduction in both public and private renewable energy investment, which, exacerbated by ongoing supply-chain challenges, has impacted Ample’s ability to obtain additional funding needed to fully scale and commercialize Ample’s technology,” Baumgartner said in the declaration.
Ample desperately needs capital
“While the Company this year raised additional
liquidity to fund scaling and development, it ultimately proved to be insufficient. As a result, Ample is left with technology that remains highly effective and well-proven, but it still needs additional capital in order to achieve commercial deployment and scale,” Baumgartner said.
Ample manufactures modular battery systems and builds and provides battery swapping stations that quickly swap out a depleted battery with a fully charged one in 5 to 10 minutes, instead of 20-30 minutes at an EV charger. The cost of an Ample swap is about $13, according to a
Forbes report.
Ample’s battery swapping stations use autonomous robotics to remove and replace battery modules, reducing EV downtime compared to conventional EV charging. Swapping stations can be installed quickly in days, occupying a compact footprint of about the size of two parking spaces and located in either urban or suburban areas.
Ample’s products and services target fleet operators, such as logistics, ride-hailing, and delivery vehicles that benefit from reduced EV downtime. Among Ample’s commercial customers are Uber, Mitsubishi, and
Stellantis.
The company has deployed its technology in the San Francisco Bay Area and in pilot programs in Spain and Japan. The company’s OEM and fleet partners include
Stellantis’ Free2Move car-sharing service in Madrid, and Mitsubishi Fuso, Mitsubishi Motors, and Yamato in Japan.
Source:
https://www.thestreet.com/retail/key-auto-parts-and-services-company-files-chapter-11-bankruptcy
moparinsiders.com
(I highlighted the Stellantis mentions.)