Ample, Inc., the San Francisco-based developer of modular battery swapping systems for electric vehicle fleets, filed for Chapter 11 bankruptcy protection on December 16 in the U.S. Bankruptcy Court for the Southern District of Texas.
Highlights
- Ample raised over $330 million since inception but faced severe liquidity constraints in a challenging capital environment for renewable energy investments
- Workforce reduced to two employees as the company wound down operations prior to filing
- $6 million DIP facility secured from Twelve Bridge Capital to fund bankruptcy proceedings
- §363 sale or recapitalization sought through Chapter 11 process
Financial Position and Filing Details
The company reports $10 million to $50 million in assets against $50 million to $100 million in liabilities. According to court filings, funds will be available for distribution to unsecured creditors. The case number is 25-90817.
Debtor affiliate Ample Texas EV, LLC is included in the filing.
Factors Leading to Bankruptcy
Despite substantial venture funding, Ample encountered significant headwinds. A challenging capital environment for renewable energy investments combined with supply chain disruptions forced operational wind-down.
The company has secured a $6 million new-money DIP facility from Twelve Bridge Capital, LLC to fund the bankruptcy proceedings.
Key Parties in the Case
Counsel:
- Hugh M. Ray, III, Pillsbury Winthrop Shaw Pittman LLP
Investment Banker:
- Gordian Group, LLC
Chief Restructuring Officer:
- John D. Baumgartner
Claims Agent:
A comprehensive case summary is available from Bondoro.
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