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[MichaelJ]

RE: Energica Owners Association on Facebook (https://www.facebook.com/groups/461586766937140/)

It's early days at the moment so for those that don't have Facebook there may be an opportunity to set up a website and a mailing list at some point in the future. I will propose that to the group and see what they say 

Hi,


to follow up, I was wondering if anyone had a moment to share with those of us without a Facebook account if there's anything interesting happening over there with respect to the fate of the company.


Thanks!

[jotjotde]

Sorry, I cannot tell anything from Facebook, but I found an interesting post on Reddit yesterday.
Someone got the Italian papers about Energica‘s insolvency.

https://www.reddit.com/r/EnergicaMotorcycles/s/UIrdHz4TXW

Unfortunately I cannot copy the text, but it is my understanding that the assets are valued at 4.3 million Euro of which 3.3 are warehouse inventory.
Auction appears to be running and highest bidder will be announced January 30th, 2025 with asking bid at 5.7 million.

[MichaelJ]

Jotjotde, thank you for the reminder about the Italian web site!


Original site in Italian:  https://pvp.giustizia.it/pvp/it/detail_annuncio.page?idAnnuncio=4303553
Original site in English: https://pvp.giustizia.it/pvp/en/detail_annuncio.page?idAnnuncio=4303553


To download the English translation of the legal terms of the auction, scroll down to "Attachments" ("Allegati") and near "Doc 9_Bando di vendita ENG.pdf" click "Download document" ("Scarica documento").


Livia Cevolini (former Energica CEO) posted about it on LinkedIn: https://www.linkedin.com/posts/livia-cevolini_si-comunica-che-a-decorrere-dalla-data-activity-7275062507898101761-rJiN

[Specter]

An auction is the next 'logical step' a company has to take in a bankruptcy to finalize the severance from the old shit bags, and make them a brand new ready to roll entity.  Even if there is a buyer right now chomping at the bit, pace-ing back and forth waiting to get back to making bikes!!  they STILL have to go thru the process... 

Last I seen the Auction should be closed around the end of January, a winner will be announced hopefully, and then it all goes in front of a judge, or actually possibly judges,  US and Ita, for a final approval and then the purchace paperwork finalized etc etc.  With luck, we can see them fully back and running about March?

Do note the US side of the IS UP AND RUNNING NOW !!  so they are not totally dead and desperately trying to get this finished so they can put this crappy page behind them and move forward with the world class service they originally intended to put out!

Aaron

[MichaelJ]

Do note the US side of the IS UP AND RUNNING NOW !!
Aaron

Hi Aaron, are you at liberty to help us understand what "up and running now" means?  Your statement carries a lot of excitement, but what may an owner or prospective customer expect from them?

[Specter]

Michael from what I read, the judge in italy told them to keep doing business as usual until things settle out.  they initially closed down but the judge said to keep em working.....  if that is true, I do not know, I am not in italy to see first hand, but if it is true, then they should still be able to work with you for parts and stuff.

the US Energica shop in california is still open and doing business to the best of my knowledge.

aaron

[Motoproponent]

Yeah, Energica of North America is a separate entity, corporately speaking. As long as whatever their revenue stream is, continues to keep payroll covered and the lights on in the shop they are still in operation.

I was just there last week. They're still putting bikes together for delivery to customers and taking in repairs. I guess people are taking advantage of the sale prices and rolling the dice on future support.

[Specter]

Were you able to speak with them  at all when you were there or was it just a quick visit for parts or whatnot and that's it?  curious if they were able to give you any insights on what the current status is, besides waiting for the auction to close things out.

The fact that they are still pumping bikes out is a good sign, they are still ready and able to keep working, and they have an income stream even now during this mess.  Hopefully once the auction is done, the judge says ok it's settled, they can just slide right back into making bikes FULL TIME instead of bits and pieces now, with their new owners and everyone is happy again.

Aaron.

[Motoproponent]

The current situation is the dominant topic of discussion as much as it still the thing they know the least about. I think they show up for work and if everyone's keys still open the doors they go inside and start working. It's pretty day-by-day.

All of us (employees and owners) are just standing by to see who ends up owning our future and what they plan to do with it.

[jotjotde]

Reminder: If you want to bid for Energica's assets, your offer has to be sent until tomorrow 1500 (1400 UST).

It is my understanding that the result of the auction will be presented Thursday at 1000 (0900 UST).

Let's hope for a happy ending!

[Specter]

jojo agreed but pretty often, the first round is a no go.
It may have to go up a few times before a buyer finally settles on a price.

Buyer wants it cheap, does not want to take on past debt.  ie new owner, clean books kind of deal.
First 'bid' wants everything owed, paid off.   rarely does this happen.

Expect to see the minimum bid drop a few times before someone bites.
There ARE people interested, but are waiting for the price to be right.

Aaron

[ElectricRebel]

Well, as the auction was set to already have taken place, there were no offers received within the deadline of the auction.
So either price will go down, or Energica will be sold in several parts I assume.

We'll hope for the best!


Jonas

[Richard230]

The future does not look bright for the electric motorcycle industry. 

[Fran K]

The future does not look bright for the electric motorcycle industry. 

The Alta specific internet forum has become the Alta and Varg internet forum.  The guys are counting serial numbers and are over 10,000.  I might note Varg was not on the radar so to speak when here we were discussing Damon.

Kawasaki has a small electric motorcycle, two variants the ninja z1 and Ze1 $7899 and there is a $1500 promotion on their hybrid 452cc/48volt.

[NEW2elec]

I hope for the owners sake that some form of support stays alive for Energica. 
But remember Energica has been for sale for about a year with no takers.
Not too many people want to take over the Energica business model of selling $5 bills for $3.