Italian electric motorbike manufacturer Energica, part of the US group Ideanomics, has announced its decision to open insolvency proceedings due to a lack of viable alternatives for financial recovery. The company aims to enable repayment to creditors as much as possible from liquidation proceeds.
Energica’s Board of Directors has initiated judicial insolvency proceedings under Article 121 of the Italian Insolvency Code. In a statement, the company acknowledged the efforts made by management to seek new investors with the goal of preserving the business for the benefit of creditors. However, it concluded that these options were no longer feasible, leading to the decision to pursue bankruptcy judicial liquidation.
Rumors regarding financial troubles had circulated in recent weeks, exacerbated by difficulties faced by Ideanomics, which holds a 75% stake in Energica. The American investor’s own financial struggles have limited the potential for new capital to flow into Energica. Over the past two years, the electric motorbike manufacturer had been actively seeking additional investors, but these efforts proved unsuccessful.
The press release detailing the insolvency included a striking note: “This press release is attributed to the founding members of Energica. It is noted that Ideanomics has chosen not to comment,” highlighting the deadlock in the situation and potentially discouraging further investor interest.
Founded in 2014, Energica Motor Company Srl has been designing electric motorbikes since 2009. The company went public on the Milan stock exchange in 2016 to fund its growth, which had become unsustainable through internal resources. Ideanomics joined forces with Energica in 2021, providing essential financial support for the launch of the new Experia model. In March 2022, Ideanomics successfully completed a voluntary takeover bid, delisting Energica from the stock exchange to enhance operational flexibility.
Despite these efforts, Energica has struggled to navigate a challenging market environment. The company noted that the decline in investments in the electric sector, combined with a downturn in the automotive market and supply chain issues, has severely compromised its financial stability. As a small to medium-sized enterprise, Energica has faced significant hurdles, ultimately leading to its current insolvency status.
