EV startup Canoo has filed for bankruptcy and ceased all operations

Canoo said Friday evening that this was the case and “will cease operations with immediate effect” after failing to secure sufficient funds to maintain operations. The signs for the EV startup were already clear before the announcement; The company has lost several executives in recent months. and reported to the SEC in November that it had just $700,000 a year in the bank .

In a news release announcing the filing, Canoo said it was unable to obtain funding from the Energy Department’s loan program office or from “foreign capital sources” with which executives had been in discussions. “Given that these efforts were unsuccessful, the board has made the difficult decision to file for bankruptcy,” it said. Canoo owes a total of over $164 million to hundreds of creditors and has assets of about $126 million, according to the filing TechCrunch. According to the Delaware filing, Canoo’s assets will be liquidated and the proceeds distributed to its creditors. CEO Tony Aquila said in a statement: “We are truly disappointed that things turned out this way.”

canoe built a couple of electric transporters for NASA and a Prototype for the US Armyand had larger fleet contracts with companies like USPS and Walmart, but only a small number of its vans appear to have ever materialized.