The Swedish charging operator Eways, which went bankrupt just before Christmas owing over 100 million kronor (about $9 million), is getting a second chance thanks to new owners.
Eways, known for its electric vehicle (EV) charging products and services, left behind significant debts to customers and tax authorities.
The bankruptcy followed months of financial struggles, and a court had rejected the company’s attempt to restructure, citing unrealistic revenue forecasts and a lack of investors.
New Ownership
Now, the automotive wholesaler KGK (KG Knutsson AB) has stepped in and purchased Eways’ assets from the bankruptcy estate.
KGK, which has been investing in charging infrastructure since 2015, sees this as a smart move in preparing for a future dominated by electric vehicles.
"We believe electric cars will play a huge role in the future, and a reliable, expanded charging infrastructure is essential," said Johan Regefalk, CEO of KGK, in a press release.
With this acquisition, KGK gains access to Eways’ network and customer base. However, it’s still unclear what KGK plans to do with the business or how they’ll address the debts that brought Eways down.
Before its collapse, Eways faced criticism for mishandling customer funds, leaving over 600 housing associations using its charging stations in a tough spot.
On top of that, reports revealed that the company’s former director used some of its money to pay off personal debts from other ventures.
Industry Struggles
Eways isn’t the only company in the EV industry to hit roadblocks recently.
Last year, the car brand Fisker Inc., founded by Danish designer Henrik Fisker, was in talks with Nissan, but the deal fell through. Fisker later shut down after a US bankruptcy court ruling.
