Ample, Inc., a U.S.-based developer of modular electric vehicle battery swapping systems, has filed for Chapter 11 bankruptcy protection after struggling with liquidity constraints despite raising more than $330 million in funding since its founding.
Ample filed for protection on Dec. 16 in the U.S. Bankruptcy Court for the Southern District of Texas, according to court documents. A debtor affiliate, Ample Texas EV, LLC, is also included in the filing.
The San Francisco-based company said it entered bankruptcy with between $10 million and $50 million in assets and $50 million to $100 million in liabilities. Court filings indicate that funds are expected to be available for distribution to unsecured creditors. The case has been assigned number 25-90817.
Ample, which developed modular battery swapping systems aimed primarily at electric vehicle fleets, said it was forced to significantly scale back operations as capital became more difficult to secure for renewable energy and electrification projects. As part of the wind-down prior to filing, the company reduced its workforce to two employees.
To support the restructuring process, Ample has secured a $6 million debtor-in-possession (DIP) financing facility from Twelve Bridge Capital, providing new liquidity to fund operations during the Chapter 11 proceedings.
The company said it intends to pursue a sale of assets under Section 363 of the U.S. Bankruptcy Code or a potential recapitalisation through the court-supervised process.
Ample is being advised by Pillsbury Winthrop Shaw Pittman LLP, with Gordian Group acting as investment banker. John D. Baumgartner has been appointed as chief restructuring officer, while Verita Global is serving as claims agent for the case.
The filing adds Ample to a growing list of electrification and clean mobility startups that have sought court protection amid tighter funding conditions and slower-than-expected commercial adoption.
