EV Maker Canoo Files for Chapter 7 Bankruptcy

Jan. 21, 2025

The company will cease all operations effective immediately.

Electric van startup Canoo announced it has filed a voluntary petition for Chapter 7 bankruptcy, which will liquidate company assets and distribute proceeds to creditors.

According to the Friday announcement, “Canoo has unfortunately been unable to secure financial support from the U.S. Department of Energy’s (“DOE”) Loan Program Office. Recently, the company’s executives were in discussions with foreign sources of capital. In light of the fact that these efforts were unsuccessful, the Board has made the difficult decision to file for insolvency.”

Since its founding in 2017, the company had successfully delivered to NASA, the DOD, the USPS and the State of Oklahoma.

“News reports indicated that the company, which previously had received promises of hundreds of millions in funding from investors and government incentives to locate manufacturing in the U.S., was reportedly down to less than $100,000 in cash and millions in debt,” writes EnergyTech Managing Editor Rod Walton.

Learn more about Canoo’s fate in this story from IndustryWeek partner brand EnergyTech: EV-Van Maker Canoo Liquidating Operations Under Chapter 7 Bankruptcy

About the Author

Rod Walton | EnergyTech Managing Editor

Rod Walton has spent 15 years covering the energy industry as a newspaper and trade journalist. He formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

Walton earned his Bachelors degree in journalism from the University of Oklahoma. His career stops include the Moore American, Bartlesville Examiner-Enterprise, Wagoner Tribune and Tulsa World.

EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids. The C&I sectors together account for close to 30 percent of greenhouse gas emissions in the U.S.

He was named Managing Editor for Microgrid Knowledge and EnergyTech starting July 1, 2023