Fuell, the electric motorcycle and bicycle brand co-founded by Erik Buell, lasted only about five years. Without the expected market impact, it is now entering Chapter 7 bankruptcy proceedings.
The news comes from Electrek, a site specializing in electric mobility, which cites a message sent by the company’s attorney.
The bankruptcy filing was submitted to a Wisconsin court on October 16, and a notification was issued to all creditors. There are no funds to pay employees or cover other services necessary for production and distribution, making it impossible to raise the money needed for these expenses.
Therefore, it was decided that initiating Chapter 7 bankruptcy proceedings would be the way to realize the value of Fuell’s assets. The first models announced were the Flluid-1 and Fllow-1, but they never made it to market.
There were pre-orders, with prices set at $3,295 for the Flluid-1 e-bike and $10,995 for the Fllow-1 electric motorcycle. As a result, some customers may never receive the products they paid for, depending on the outcome of the bankruptcy process.