Cycle News is a weekly magazine that covers all aspects of motorcycling including Supercross, Motocross and MotoGP as well as new motorcycles
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Energica Enters Bankruptcy Liquidation I talian electric motorcycle company Energica has declared bankruptcy following a Board of Directors meeting held on Octo- ber 14, 2024. Energica, a powerful player in the electric motorcycle space and the original MotoE control motorcycle within the MotoGP paddock, was known to be in difficulties for several months, reducing staff levels from 150 to around 45, having started life within the famed Motor Valley in Northern Italy that also is home for Ferrari, Lamborghini, Mase - rati and Ducati. An excerpt from a press release from Energica stated, "Energica Motor Company SpA, a manufacturer of high-perfor - mance electric motorcycles 75 percent controlled by the Ameri- can fund Ideanomics Inc., an- nounces that its Board of Direc- tors meeting held on 14 October 2024 at 3:00 p.m. resolved to enter into a bankruptcy judicial liquidation pursuant to art. 121 et seq. of the insolvency law." The press release continued "In 2021, with the investment from Ideanomics Inc., Energica launched the Experia model… In March 2022, Ideanomics suc - cessfully completed a voluntary takeover bid, which allowed the shareholders to transform the company into a private entity, making it more free and flexible in managing financing and agile in its growth. "However, the subsequent cri - sis in the electric market and the decline in sector investments impacted Ideanomics, and con- sequently, compromised Ener- gica's investment capabilities. "The company has also faced challenges from the downturn in the automotive market and supply chain, being particularly affected as a small and medium- sized enterprise… Despite the efforts from the management in actively and extensively pursuing a search for new investors—al - ways with the aim of preserving going concern in the best inter- est of creditors—it has become clear in the last few hours that these alternative options are no more viable, thus leaving the company with no other choice than resolving for the opening of a bankruptcy judicial liquida - tion… Management has guar- anteed salaries even during the most challenging periods, where necessary also thanks to the support of the Italian minority shareholders, always with a view to preserving business continu - ity and in the best interest of creditors and all stakeholders. In the last two years, some employ - ees have voluntarily left the com- pany; these professionals have since been absorbed by major players in the Motor Valley." Energica had been one of the three major players in the elec- tric vehicle space within the U.S. with rivals Zero Motorcycles and Harley-Davidson/Livewire. They had enjoyed success in recent years on the track as well, racing the MotoAmerica Super Hooli - gan National Championship with Stefano Mesa and achieving the first podium in a national road race against traditional gas- powered motorcycles at Circuit of The Americas in 2023. View the entire press release here. CN WIND IN THE P28 Stefano Mesa's Energica Ego+ racebike. Energica will shut its doors after a decade of production.