Canoo, it seems, can’t. The upstart electric vehicle maker that focused on commercial and fleet clients, including NASA, has filed for Chapter 7 bankruptcy and ceased operations.
In a press release posted Friday night, Canoo stated that after attempts to secure additional financial support failed, the U.S.-based “high-tech advanced mobility and energy company” was left with no other options.
“Canoo has unfortunately been unable to secure financial support from the U.S. Department of Energy’s (“DOE”) Loan Program Office,” said the statement. “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.”…