A major electric car battery maker that worked alongside some of the biggest manufacturers has filed for bankruptcy. Ample Inc., an electric vehicle battery swapping firm, has reportedly filed for Chapter 11 protection in the US court.
It means the brand is seeking a sale of its assets, filing a petition in the Bankruptcy Court for the Southern District of Texas on December 16. The brand has claimed it has between $10 million (£7.5million) to $50 million (£37million) in assets and $50 million (£37million) to $100 million (£75million) in liabilities.
Chapter 11 protection is a form of bankruptcy that allows a business to continue to operate under the supervision of a court.
Writing in the bankruptcy declaration, Ample’s Chief Restructuring Officer John D. Baumgartner blamed an “industry-wide reduction” in investment as behind the collapse. He claimed the company needed "additional capital” in order to continue developing its technology.
John explained: “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.
“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.”
Ample is a leading manufacturer of modular battery-swapping technology for electric vehicles. Swapping batteries will ensure vehicles can achieve 100% charge to any EV in less than five minutes.
The company has previously collaborated with major manufacturers, including Mitsubishi and Nissan. Over the summer, the brand confirmed plans to install a network of battery-swapping stations in Tokyo.
Ample claimed that their stations are up to 10 times cheaper than a fast-charging station. The business has previously claimed that it means Ample can deliver energy at a cost that is 10-20% cheaper than gas.
They have previously claimed that traditional charging stations are not practical for vehicles in a commercial fleet. This is because vehicles can often take a long time to charge, with road users unlikely to want to wait. The battery-swapping technology means electric vehicle owners could soon replicate filling up at a petrol station.
