Ample - Chapter 11 Case Summary

Business Description

Headquartered in San Francisco, CA, Ample Inc., together with its debtor affiliate, Ample Texas EV, LLC (collectively, “Ample” or the “Company”), develops modular battery-swapping solutions designed to accelerate fleet electrification. Founded with the objective of solving slow charging times and infrastructure incompatibility, Ample targets commercial fleet operators—such as logistics, ride-hailing, and delivery services—that benefit significantly from minimized vehicle downtime.

• The Company’s core innovation is a proprietary, fully automated swapping station that replaces depleted electric vehicle (EV) batteries with fully charged ones in minutes.
• The system utilizes a modular battery architecture that is chemistry-agnostic and compatible with various OEM vehicle designs without requiring major re-engineering.
• Ample’s stations utilize a compact footprint (approximately the size of two parking spaces) and can be deployed in urban environments within days.

Beyond vehicle efficiency, Ample’s technology offers significant benefits to electrical grids. Unlike fast chargers that create instantaneous megawatt-level power spikes, Ample’s stations draw energy at a steady, self-regulated rate. They function as distributed energy storage, recharging idle batteries during off-peak hours to smooth load demands.

Asset and Financial Status

As of September 30, 2025, the Debtors reported net property and equipment of approximately $57.0 million, including swapping infrastructure, R&D equipment, and vehicles held for conversion.

• Duty Drawback Opportunity: Ample estimates a potential recovery of approximately $6 million in duty drawbacks related to the sale of excess battery inventory. This involves reclaiming import duties paid on goods that are subsequently exported, a process the Company may pursue via a third-party broker.
• Workforce: While Ample formerly employed over 200 professionals across diverse disciplines, the workforce has been reduced significantly. As of the Petition Date, the Company employs two full-time non-executive employees and engages approximately fifteen contractors to preserve institutional knowledge and support sale-related activities.

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Corporate History

Founded in 2014, Ample established itself as a significant contributor to the South San Francisco industrial base, garnering recognition such as TIME Magazine’s "100 Most Influential Companies" (2023) and "America’s Top GreenTech Companies" (2024).

Capital Raising and Growth

Since inception, Ample has raised more than $330 million across five funding rounds, attracting substantial investment interest to fuel its R&D and deployment efforts.

• Equity Financing: The Company’s largest single raise occurred in 2021 with $160 million in Series C preferred shares. More recently, in November 2024, Ample secured a $25 million investment led by a multinational Japanese manufacturer.
• Debt Financing: In 2025, the Company raised approximately $35 million in convertible notes.
• Partnerships: Ample developed coordination with major partners including Uber, Mitsubishi, and Stellantis. Notable milestones included:
  • Deploying technology for fleet customers in the San Francisco Bay Area (2021).
  • Partnering with Stellantis to power the Free2Move Fiat 500e car-sharing service in Madrid, Spain.
  • Pursuing pilot deployments in Japan with Mitsubishi Fuso and Yamato, supported by the Tokyo Metropolitan Government.

Corporate Structure

Ample Inc., a Delaware corporation, serves as the parent entity. The Debtors’ structure includes:

• Ample Texas EV, LLC: A co-debtor formed to facilitate potential recapitalization, merger, or sale opportunities.
• Foreign Affiliates: Non-debtor entities Ample Iberia S.L. (Spain) and Ample Japan GK (Japan), which supported pilot deployments, are currently winding down.

The Debtors hold the business’s core intellectual property, equipment, and contractual arrangements, while the equity structure is comprised of common stock and six series of convertible preferred stock (A through C-3).

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Operations Overview

Ample’s operations are centered on its proprietary swapping technology and manufacturing capabilities. The Company’s platform encompasses autonomous exchange stations, modular battery systems (BMS), and vehicle integration (VI) components.

Technology and Process

Ample’s swapping stations utilize computer vision and secure wireless communication to identify the exact location of battery modules. Autonomous robotics remove depleted modules and replace them with charged units from storage shelves within the station.

• Manufacturing Capabilities: The Company built a state-of-the-art turnkey manufacturing facility in Brisbane, CA, designed to produce BMS, swapping stations, and VI plates.
  • The facility features three fully automated battery assembly lines utilizing over 50 FANUC 6-axis robotic arms, laser welders, and vision-based quality control.
  • Combined, these lines are capable of producing 18 battery modules per hour.

Real Estate and Consolidation

Ample maintains its headquarters in San Francisco, CA, with additional industrial, office, and testing footprints in Brisbane, Oakland, and Fairfield, CA.

• Asset Protection: Despite disposing of certain non-core assets, the Debtors continue to safeguard the critical manufacturing assets at the Brisbane facility and related inventory storage locations.
• Lease Optimization: Prior to the filing, Ample initiated operational consolidation efforts to reduce fixed costs, vacating several leased locations. The Company continues to evaluate lease assumptions or rejections to optimize the portfolio for the sale process.

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Prepetition Obligations

As of the Petition Date, the Debtors report approximately $35.2 million in total funded debt and capital lease obligations. The Company’s prepetition capital structure is summarized below:

Convertible Notes

• The Debtors’ primary funded debt consists of approximately $35 million in principal outstanding under unsecured convertible notes, which were issued to fund recent operations.
  • The reported outstanding amount excludes interest, and the notes carry a maturity date of July 3, 2026.

Capital Lease Obligations

• The Company holds approximately $200,000 in liabilities related to various equipment financings and leases, primarily for forklifts utilized across the Debtors’ leased facilities.
  • These obligations have maturities ranging from 2027 to 2030.
  • In connection with consolidation efforts aimed at rationalizing operations, the Debtors anticipate returning a portion of this leased equipment.

Trade, Tax, and Other Obligations

• Operational and Trade Liabilities: The Debtors’ remaining liabilities consist primarily of ordinary course trade obligations and lease liabilities associated with manufacturing, office, and warehouse facilities.
  • The Company is also party to various equipment and technology contracts, certain of which are in default.
  • The Debtors maintain letters of credit that are secured by U.S. certificates of deposit.
• Employee Obligations: Outstanding liabilities include a modest amount of accrued compensation and benefits, as well as potential claims arising under federal and California WARN Acts related to recent workforce reductions.
• Taxes: The Debtors have relatively limited obligations regarding sales, use, property, income, and franchise taxes.
  • The Company intends to satisfy de minimis prepetition amounts—including approximately $1,500 in sales and use taxes and certain Delaware franchise tax obligations—to avoid prejudice to the estates.

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Events Leading to Bankruptcy

Macroeconomic and Industry Headwinds

• Over the past two years, Ample confronted a deteriorating commercial and capital environment, marked by an industry-wide contraction in both public and private investment in renewable energy. This trend was exacerbated by the reduction, delay, or redirection of government incentives intended to accelerate EV adoption.
• The Company’s ability to raise additional financing was further constrained by severe supply chain disruptions:
  • Ample relies on foreign suppliers for critical robotics components, battery cells, and other specialized parts, many of which became subject to tariffs and significant increases in logistics costs.
  • These challenges drove up project costs, disrupted development timelines, and strained the Company’s liquidity.

Operational and Regulatory Setbacks

• Despite achieving significant technical progress, Ample’s commercial pilot efforts were hampered by regulatory and permitting delays in key international markets, which slowed its ability to demonstrate commercial readiness to partners and investors.
  • In Spain, the launch of swapping-station operations in Madrid was delayed because local regulatory frameworks were not prepared for the Company’s novel technology.
  • In Japan, permitting processes and logistical issues slowed the transition to scaled deployment, notwithstanding the support of local partners and grant commitments.
• The Company successfully deployed its technology with prominent partners—including car-sharing services in Madrid with Free2Move using Stellantis’ Fiat e500 vehicles—and was close to commercial launches in Tokyo with major logistics operators Yamato and Amazon. However, it lacked the necessary capital to scale these deployments.

Prepetition Restructuring and Financing Efforts

• To address its liquidity needs, Ample actively pursued financing alternatives throughout 2025. The Company raised approximately $35 million in convertible notes to fund operations and international pilots and engaged an investment banker to pursue a broader recapitalization, but these efforts did not result in a committed transaction.
• As out-of-court options narrowed, Ample retained restructuring advisors, including Getzler Henrich and Pillsbury Winthrop Shaw Pittman, LLP, in September 2025 to explore strategic alternatives.
• To extend its operational runway while negotiating potential transactions, the Company executed two sales of excess battery-cell inventory, using the proceeds to bridge its operations toward a more comprehensive solution.

Transition to In-Court Process and DIP Financing

• After determining that no out-of-court transaction could be completed on an acceptable timeline, the Company concluded that a chapter 11 filing was necessary to preserve assets and facilitate a value-maximizing sale. Lacking a prepetition secured credit facility, Ample’s ability to operate in chapter 11 hinged on securing postpetition financing.
• The Company negotiated a $6 million new-money debtor-in-possession (DIP) financing facility with Twelve Bridge Capital, LLC. The DIP facility is structured to provide immediate access to a $2.5 million interim draw, enabling Ample to fund payroll, protect its intellectual property, and run a 60-day marketing and sale process.

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