EV maker Kano closes.

At the end of December, when TechCrunch EV startup Canoo reportedly had just $700,000 in the bank and was putting its employees on “mandatory unpaid leave.”

That’s why it surprised few when Kano announced this week that it was going out of business and filing for Chapter 7 bankruptcy.

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Kano hoped to enter the electric vehicle market with a unique design that would cover multiple bases for consumers. This so-called “lifestyle” took on a convertible design that supported a skateboard chassis, mounted on a delivery or passenger van style as well as a pickup truck.

And the company While it has had some wins since its inception in 2017 — including a review of the Army’s light tactical vehicles, as well as deals with the state of Oklahoma, Walmart and USPS — it hasn’t been enough to keep Cannon afloat.

Cano declared bankruptcy on January 17 after attempts to secure much-needed funding failed. The company said discussions with the US DOE Loan Program Office and outside sources have failed to secure any funding to keep the company afloat.

Chairman and CEO Tony Aquila said, “I am truly sorry that things turned out the way they did, and I thank the company’s employees and customers for their faith in Kano and its products.” A press release He said the company-issued canoe would cease operations immediately and its assets would be disposed of.

Earlier this year, Kano was the subject of some negative press when it was announced that the company had Akila returned In the year $1.7 million in 2023 for private jets. Canoe’s earnings for the year were only $886,000.

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