Ample: $330M Battery Swapping Unicorn's Chapter 11 Collapse
Ample, the San Francisco-based EV battery swapping unicorn that raised $330 million from Shell, Blackstone, and Mitsubishi, filed chapter 11 on December 16, 2025. The company reduced its workforce from 198 to 2 employees before filing and is pursuing a Section 363 sale with a February 2026 auction.
Ample, Inc., the San Francisco-based EV battery swapping startup that raised more than $330 million over its 11-year lifetime and achieved unicorn status in 2021, filed for chapter 11 bankruptcy protection on December 16, 2025. The company, which developed modular battery systems capable of swapping a depleted battery for a fully charged one in five minutes, entered bankruptcy citing severe supply chain disruptions, a contraction in both public and private investment in renewable energy, and the reduction or redirection of government incentives intended to accelerate EV adoption. Despite partnerships with automakers including Stellantis and Mitsubishi and pilot programs across three continents, Ample wound down operations and reduced its workforce from 198 employees to 2 full-time staff before filing.
The Ample bankruptcy comes amid a pullback in clean-tech funding following venture investment during 2020-2021. Global climate tech funding fell 40% year-over-year in 2024, with EV technology deal activity falling 61%—its steepest decline on record. The company has secured a $6 million DIP facility from Twelve Bridge Capital, LLC and is pursuing a Section 363 sale with a proposed auction in late February 2026.
| Court | U.S. Bankruptcy Court, Southern District of Texas (Houston Division) |
| Case Number | 25-90817 (Lead); 25-90816 (Ample Texas EV, LLC) |
| Petition Date | December 15-16, 2025 |
| Judge | Hon. Christopher M. Lopez |
| Debtor(s) | Ample, Inc. |
| Affiliates | 1 (Ample Texas EV, LLC) |
| Headquarters | San Francisco, California |
| Total Funding Raised | $330+ million |
| Stated Assets | $10-50 million |
| Stated Liabilities | $50-100 million |
| Convertible Notes (Unsecured) | $35 million (maturing July 2026) |
| Employees | 2 full-time + 15 contractors |
| DIP Facility | $6 million (lender: Twelve Bridge Capital, LLC) |
| Proposed Bid Deadline | February 23, 2026 |
| Proposed Auction | February 25-27, 2026 |
| Proposed Sale Hearing | March 2, 2026 |
Company Background and Battery Swapping Model
Founding and Technology
Ample, Inc. was founded in 2014 by Khaled Hassounah and John De Souza in San Francisco, focused on addressing slow charging times and infrastructure incompatibility for commercial EV fleets. The company developed a modular battery system where individual battery modules interconnect and can be swapped by robots in approximately five minutes, compared with 20-30 minutes at DC fast chargers. Rather than targeting individual consumers, Ample focused on commercial fleet operators in logistics, ride-hailing, and delivery vehicles where downtime directly impacts revenue.
Ample's approach differed from earlier battery swapping efforts in several ways. First, the modular design meant batteries could be configured for different vehicle types rather than requiring standardized vehicle architectures. Second, the automated swapping stations could be deployed in about three days, reducing infrastructure buildout timelines. Third, the system enabled charging depleted batteries during off-peak hours. Fourth, multiple vehicle types and brands could use the same swapping station simultaneously.
Funding History and Unicorn Status
Ample's technology attracted venture interest during the 2020-2021 clean-tech funding cycle. The company raised capital across five funding rounds:
| Round | Date | Amount | Lead Investor | Key Strategic Participants |
|---|---|---|---|---|
| Series A | August 2018 | $31 million | Shell Ventures | Moore Strategic Ventures, Repsol Energy Ventures, TRIREC |
| Series C | August 2021 | $160 million | Moore Strategic Ventures | ENEOS, Shell Ventures, Momentum Venture Capital, Rose Park Advisors |
| Additional | November 2021 | $30 million | — | Europe expansion funding |
| Blackstone | November 2021 | $50 million | Blackstone Group | Banco Santander |
| Series D | November 2024 | $25 million | Mitsubishi Corporation | — |
Investors included Shell Ventures, Repsol Energy Ventures, Blackstone, ENEOS, Momentum Venture Capital, and Rose Park Advisors, co-founded by the late Clayton Christensen.
The November 2021 Blackstone investment brought Ample's valuation above $1 billion and conferred unicorn status seven years after founding.
Commercial Partnerships and Global Deployments
Ample entered commercial partnerships across three continents.
Uber Partnership (2021-Present)
Ample opened its first battery swap stations in the San Francisco Bay Area in March 2021, with Uber drivers as the first customers. Participating drivers with supported electric vehicles could exchange a spent battery for a fully charged one in less than 10 minutes. By 2023, 12 Bay Area stations were performing several hundred swaps daily for Uber drivers leasing Nissan Leafs and Kia Niros from electric fleet provider Sally. The partnership expanded to Europe, where Uber aimed to electrify half the rides booked across seven European capitals by 2025, including London, Amsterdam, Brussels, Berlin, Paris, Madrid, and Lisbon.
Stellantis Partnership (2023-Present)
In December 2023, Stellantis and Ample signed a binding agreement to integrate Ample's modular battery swapping solution into Stellantis electric vehicles. The initial program launched in Madrid, Spain using a fleet of Fiat 500e vehicles within Stellantis' Free2Move car sharing service. After an initial rollout of 40 vehicles, the fleet was scheduled to expand to 100 units by mid-2025. The Madrid deployment was Ample's first European implementation. Spain has a target of 5.5 million EVs by 2030.
Japan Expansion: ENEOS, Mitsubishi, and Yamato (2024-2025)
A larger deployment emerged in Japan. In March 2024, Ample announced Japan's first modular swap stations with partner ENEOS, beginning in Kyoto. Kyoto was chosen for its role in the Kyoto Protocol emissions reduction framework. Fleet partners included MK Taxi, Kyoto's largest taxi fleet.
The Kyoto pilot preceded a larger Tokyo deployment announced in June 2025. Mitsubishi Fuso Truck and Bus Corporation, Mitsubishi Motors Corporation, Ample, and Yamato Transport announced a multi-year pilot program deploying more than 150 battery-swappable commercial EVs and 14 modular battery swapping stations across Tokyo. Yamato Transport, Japan's largest shipping and logistics group, participated in the pilot program. The project deployed both Mitsubishi Fuso's eCanter light-duty trucks and Mitsubishi Motors' Minicab EVs.
Fisker Partnership (2023)
In May 2023, Fisker Inc. and Ample announced a partnership to deliver battery-swappable Fisker Ocean vehicles by Q1 2024, targeting fleet operators. The partnership included a revenue-sharing arrangement for the battery swapping mechanism. Fisker filed for chapter 11 bankruptcy in June 2024.
Path to Bankruptcy: Clean-Tech Funding Pullback
Industry-Wide Capital Retreat
Ample's final two years coincided with a pullback in clean-tech funding. According to CB Insights, global climate tech funding fell for the second consecutive year in 2024, dropping 40% year-over-year with mega-round funding down 47%. EV technology deal activity fell 61%—its steepest decline on record.
| Metric | 2024 vs. 2023 |
|---|---|
| Global climate tech funding | -40% |
| Mega-round funding | -47% |
| EV technology deal activity | -61% |
Several clean-tech companies filed for bankruptcy in 2024-2025:
| Company | Filing Date | Peak Valuation | Notes |
|---|---|---|---|
| Northvolt | November 2024 | $12 billion | Swedish battery manufacturer |
| SunPower | August 2024 | — | Solar industry pioneer |
| Fisker | June 2024 | — | Ample partner; Ocean SUV maker |
| Canoo | 2024 | — | EV van maker; Chapter 7 liquidation |
| Ample | December 2025 | $1+ billion | Battery swapping unicorn |
The broader EV charging infrastructure buildout also slowed. S&P Global reduced its 2030 forecast from 20 million to 18.4 million chargers globally, with North America expected to install only 120,000 chargers in 2025 versus 160,000+ previously estimated. U.S. government support for EV infrastructure faced delays. The National EV Infrastructure Program had allocated $5 billion for fast charger deployment along federal highway corridors, but by year-end 2024, only approximately $30 million had been spent on operational charging points. In January 2025, Executive Order 14154 paused the disbursement of NEVI funds entirely.
Company-Specific Distress Factors
Court filings attributed Ample's bankruptcy to four primary factors:
Supply Chain Disruptions: Post-pandemic manufacturing challenges continued to affect the company's ability to produce and deploy battery modules and swapping stations at planned volumes.
Investment Contraction: Management cited a "contraction in both public and private investment in renewable energy."
Government Incentive Delays: Management cited the "reduction, delay, or redirection of government incentives intended to accelerate EV adoption."
Capital-Intensive Scale-Up: The company said it lacked sufficient liquidity to complete commercial deployment. The company raised $25 million from Mitsubishi Corporation in November 2024—the first close of an intended $75 million round—but did not complete the fundraise.
Management explored strategic alternatives before filing, conducting a search for strategic partners throughout 2025 and evaluating restructuring alternatives. As debtor's counsel stated at the First Day Hearing, there was "too much hair on the business to sell it outside of a chapter 11."
Financial Position at Filing
| Metric | Value |
|---|---|
| Total Funding Raised | $330+ million |
| Stated Assets | $10-50 million |
| Stated Liabilities | $50-100 million |
| Convertible Notes (Unsecured) | $35 million (maturing July 2026) |
| Net Property & Equipment | ~$57 million |
| Capital Leases | $200,000 (maturing 2027-2030) |
| Potential Duty Drawback Recovery | $6 million |
| Full-Time Employees | 2 (down from 198) |
| Independent Contractors | 15 |
No traditional secured credit facility exists; the $35 million in convertible notes represents the primary unsecured creditor constituency.
Section 363 Sale Process
DIP Financing Terms
Ample secured a $6 million debtor-in-possession credit facility from Twelve Bridge Capital, LLC to fund the chapter 11 cases. The DIP facility features terms described by debtor's counsel as "very conventional, very reasonable" with no roll-up of prepetition debt:
| Term | Value |
|---|---|
| Total DIP Facility | $6 million |
| Interim Draw Authorization | Up to $2.5 million |
| Interest Rate | 13.0% per annum |
| Commitment Fee | 3.90% |
| Funding Fee | 1.0% |
| Exit Fee | 1.75% |
| Diligence Fee | $50,000 |
| Work Fee | $50,000 |
| Professional Fee Carve-Out | $250,000 (post-trigger cap) |
Key DIP features include:
- All New Money: No roll-up of prepetition debt
- Senior Secured Priming Liens: Superpriority treatment for the new money facility
- Arm's Length Negotiation: Terms negotiated without insider relationships
- Limited Releases: Following U.S. Trustee negotiation, releases are limited to the initial draw only and apply only to the lender performing duties related to the interim order
The Court approved interim DIP financing of up to $2.5 million at the December 18, 2025 First Day Hearing, with final DIP approval scheduled for the January 8, 2026 Second Day Hearing.
Sale Timeline and Key Milestones
| Date | Milestone |
|---|---|
| December 15-16, 2025 | Petition Date (Ample Texas EV, then Ample, Inc.) |
| December 18, 2025 | First Day Hearing - Interim DIP Approval ($2.5M authorized) |
| December 23, 2025 | Bidding Procedures Motion filed |
| December 23, 2025 | Bar Date Motion filed |
| December 30, 2025 | Official Committee of Unsecured Creditors appointed (Dkt. 53) |
| December 31, 2025 | DIP Objection Deadline |
| January 8, 2026 | Second Day Hearing - Final DIP Approval |
| January 29, 2026 | Extended Schedules and Statements Deadline |
| February 20, 2026 | Proposed General Bar Date |
| February 23, 2026 | Proposed Bid Deadline |
| February 25-27, 2026 | Proposed Auction |
| March 2, 2026 | Proposed Sale Hearing |
The proposed timeline runs about 75 days from petition to sale hearing.
Sale Structure and Buyer Considerations
Ample is pursuing a going-concern sale or recapitalization of substantially all assets. As debtor's counsel indicated, a buyer would want "some structure in place beyond just assets."
First Day Relief
The Court granted substantially all First Day relief at the December 18, 2025 hearing:
| Motion | Result |
|---|---|
| Joint Administration | Granted |
| Complex Case Treatment | Granted |
| DIP Financing (Interim) | Granted - $2.5 million authorized |
| Cash Management | Interim approval granted |
| Insurance Programs | Interim approval granted |
| Utilities Adequate Assurance | Granted |
| Wages (Employees) | Granted |
| Wages (Contractors) | Deferred (~$100,000 owed to 15 contractors) |
| Schedules Extension | Granted - extended to January 29, 2026 |
| Verita Global Claims Agent Retention | Approved |
The Court deferred decision on approximately $100,000 owed to 15 contractors, stating "we'll see where things go with the others."
Industry Context: The Battery Swapping Challenge
The Better Place Precedent
Better Place, the Israeli startup that raised approximately $850 million from investors including HSBC, Lazard, General Electric, and Morgan Stanley, filed bankruptcy in May 2013. As TechCrunch reported, some investors were skeptical of battery swapping because of Better Place's failure.
Reporting on Better Place identified several issues:
| Better Place Approach | Ample Approach |
|---|---|
| Attempted to standardize batteries across all automakers | Modular design adapts to existing vehicle architectures |
| Swapped entire 1,000-pound battery packs | Modular components reduce swap complexity |
| Consumer-focused sales model | Fleet-focused (commercial operators) |
| Proprietary vehicles required | OEM partnership model |
| ~1,400 vehicles deployed globally | Multiple OEM partnerships |
Better Place's failure was attributed to high investment required to develop infrastructure and market penetration lower than predicted. Ample raised $330+ million and filed for chapter 11 in December 2025.
NIO and the China Model
The largest battery swapping network is China's NIO, which operated 2,432 power swap stations as of June 2024, including 804 on highways. NIO aims to reach 4,000 stations globally by 2025. Less than one-fifth of NIO's stations are currently breaking even, with CEO William Li acknowledging the company's investment is "about two years ahead of market demand."
The battery swapping market is projected to grow at a 23.6% CAGR from 2025 to 2030 from a 2024 base of $240.7 million globally. The battery-as-a-service model reduces upfront vehicle costs by 30-40%. The broader U.S. EV charging infrastructure market is projected to grow at 30.3% CAGR through 2030, with fast charging accounting for over 60% of the market.
Professional Retentions
| Role | Firm/Individual |
|---|---|
| Debtors' Lead Counsel | Pillsbury Winthrop Shaw Pittman LLP |
| Debtors' Local Counsel | Porter Hedges LLP (Hugh M. Ray, III) |
| Chief Restructuring Officer | John D. Baumgartner |
| Co-CRO | Ann Huynh |
| Claims & Noticing Agent | Verita Global (Kurtzman Carson Consultants) |
| DIP Lender Counsel | Fishel Law Group (Michael Fishel) |
Key Stakeholders
Creditors and Investors
| Creditor | Type |
|---|---|
| Convertible Noteholders | $35 million unsecured |
| Transform Ample, LP | Creditor/Investor |
| New Ground Ventures II, LP | Top 20 Creditor |
| Tamarack Global Opportunities I LP | Party in Interest |
| TQL Global, LLC | Creditor (property abandonment stipulation filed) |
The company's $330+ million in venture funding came from investors including Shell Ventures, Blackstone, Banco Santander, Moore Strategic Ventures, Mitsubishi Corporation, ENEOS, Repsol Energy Ventures, and Momentum Venture Capital. The convertible noteholders holding $35 million in unsecured debt maturing July 2026 represent the largest unsecured creditor constituency in the case.
Official Committee of Unsecured Creditors
The U.S. Trustee appointed the Official Committee of Unsecured Creditors on December 30, 2025 (Dkt. 53):
| Member | Notes |
|---|---|
| Avalon Technologies Limited | Top 20 Creditor |
| MingChing Industrial | Contact: Leehom Wang |
| Qingdao Huarui Hardware Products Co., Ltd. | Top 20 Creditor |
| Sabrina Ohanian | Individual creditor |
The UCC will participate in the chapter 11 cases, represent the interests of general unsecured creditors—including the $35 million in convertible noteholders—and have input on the sale process and plan confirmation.
Frequently Asked Questions
What is Ample, Inc.?
Ample is a San Francisco-based clean-tech startup founded in 2014 that developed modular battery-swapping technology for electric vehicles. The company's automated stations could swap a depleted battery for a fully charged one in approximately five minutes, targeting commercial fleet operators including ride-hailing companies, logistics providers, and car-sharing services. Ample raised over $330 million from investors including Shell Ventures, Blackstone, and Mitsubishi Corporation, achieving unicorn status with a $1+ billion valuation in 2021.
Why did Ample file for chapter 11 bankruptcy?
Ample cited four primary factors: severe supply chain disruptions affecting manufacturing; a contraction in both public and private investment in renewable energy; the reduction, delay, or redirection of government incentives intended to accelerate EV adoption; and insufficient liquidity to complete commercial scale-up. The company attempted to find a strategic partner outside bankruptcy but determined there was "too much hair on the business" to complete an out-of-court transaction.
How much money did Ample raise before filing?
Ample raised more than $330 million across five funding rounds over 11 years. Key rounds included a $31 million Series A led by Shell Ventures in 2018, a $160 million Series C led by Moore Strategic Ventures in 2021, a $50 million investment from Blackstone in 2021 that conferred unicorn status, and a $25 million Series D from Mitsubishi Corporation in 2024. Investors included energy companies, institutional investors, and strategic partners from the transportation sector.
What happened to Ample's employees?
Ample reduced its workforce from 198 employees to 2 full-time staff members—one accountant and one engineer—before filing. Approximately 15 independent contractors remain engaged to provide operational knowledge for the sale process. The Court granted authority to pay employee wages but deferred decision on approximately $100,000 owed to contractors.
What is the timeline for the Ample sale process?
The proposed timeline includes a bid deadline of February 23, 2026, an auction on February 25-27, 2026, and a sale hearing on March 2, 2026—approximately 75 days from the petition date.
Who were Ample's commercial partners?
Ample established partnerships with Uber for ride-hailing driver battery swaps in the Bay Area and Europe; Stellantis for Fiat 500e car-sharing in Madrid; Mitsubishi and Yamato Transport for a 150+ vehicle commercial fleet pilot in Tokyo; ENEOS for Japanese market entry in Kyoto; and Fisker for planned swappable Ocean SUVs. Fisker filed its own chapter 11 bankruptcy in June 2024.
How does Ample's bankruptcy compare to Better Place?
Better Place raised approximately $850 million and deployed about 1,400 vehicles globally before its 2013 bankruptcy in Israel. Ample raised $330+ million and pursued modular batteries, OEM partnerships, and fleet focus before filing in December 2025.
What scale has NIO reached in battery swapping?
NIO operated 2,432 battery swap stations in China as of June 2024, including 804 on highways, and aims to reach 4,000 stations globally by 2025. Less than 20% of NIO's stations are currently breaking even, and the company has said its investment is about two years ahead of market demand.
What assets are being sold in the chapter 11 case?
Ample is pursuing a going-concern sale or recapitalization of substantially all assets.
Who is on the Official Committee of Unsecured Creditors?
The U.S. Trustee appointed a four-member UCC on December 30, 2025 (Dkt. 53). Members include Avalon Technologies Limited and Qingdao Huarui Hardware Products Co., Ltd. (both Top 20 creditors), MingChing Industrial, and individual creditor Sabrina Ohanian. The UCC represents unsecured creditor interests—including the $35 million in convertible noteholders—in the chapter 11 cases and will participate in the sale process.
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