EV startup Canoo has filed for chapter and stopped all operations

Canoo mentioned on Friday night time that it has and “will stop operations efficient instantly,” after failing to safe sufficient funding to maintain it going. The writing was on the wall for the EV startup main as much as the announcement; the corporate has misplaced a number of executives in latest months, and reported to the SEC in November that it had simply $700,000 within the financial institution, per .

In a press launch asserting the submitting, Canoo mentioned it was unable to get funding from the Division of Power’s Mortgage Program Workplace or from “overseas sources of capital” that executives had been in talks with. “In mild of the truth that these efforts have been unsuccessful, the Board has made the tough determination to file for insolvency,” it mentioned. Canoo owes a complete of over $164 million to tons of collectors, and has about $126 million in property, in keeping with TechCrunch. Underneath the submitting in Delaware, Canoo’s property might be liquidated and the proceeds might be distributed to its collectors. In an announcement, CEO Tony Aquila mentioned, “We’re really disenchanted that issues turned out as they did.”

Canoo made a few electric vans for NASA and a prototype for the US Army, and had offers for bigger fleets with the likes of USPS and Walmart, however solely a small variety of its vans seem to have ever materialized.