The Italian manufacturer of electric motorcycles, Energica, announced its insolvency on October 14th, marking a significant setback in the electric motorcycle industry. Once seen as a trailblazer, Energica has now become another casualty of the general apathy towards electric motorcycles.

Energica’s Journey and Ownership

Since 2009, Energica has been producing electric motorcycles. In 2014, the company established the Energica Motor Company in Modena, gaining recognition by participating in the FIM MotoE World Cup as part of the MotoGP for four years. Despite these efforts, the American investment firm Ideanomics Inc, which owns 75% of Energica’s shares, has decided to withdraw its support, effectively pulling the plug on its operations.

Challenges in a High-End Niche

The company’s high-performance models, such as the sporty Ego and naked bikes like the EsseEsse9 and Eva Ribelle, garnered international attention. However, the sales figures for these expensive electric vehicles never reached a sustainable level, leaving the financial situation precarious.

Background and Recent Developments

In 2021, Ideanomics invested in the company, and the subsequent release of the Experia touring bike seemed promising as reported revenue rose by 200%. Yet, despite the initial boost, the positive momentum didn’t last, and efforts to attract additional investors failed.

The court has initiated bankruptcy proceedings for Energica. The future of customer service and the supply of spare parts remains uncertain.

This development was reported by Heise Online.