EVBox, a prominent manufacturer and seller of charging stations, has gone bankrupt, leaving 700 employees jobless.
The Dutch company, which has provided charging stations to both businesses and private individuals, has been owned by the French energy company ENGIE since 2017.
At the time of the acquisition, ENGIE reportedly paid up to 800 million euros (approximately 871 million US dollars) for EVBox.
However, the company’s fortunes have since taken a dramatic turn.
In recent months, ENGIE has attempted to find a buyer for EVBox, but with limited success. So far, only one buyer has shown interest, acquiring the company's French factory, which employs 30 people.
Founded in 2010, EVBox is said to have installed up to 550,000 charging stations across Europe. Just last year, the company set a power record with its lightning charger, the Troniq High Power, capable of charging at 400 kW.
Despite these achievements, Dutch media FD report that the bankruptcy has come as a shock to most employees.
While the employees were aware of the company’s precarious financial situation, there was a general belief that EVBox would pull through. However, the demand needed to sustain EVBox’s business simply didn’t materialize.
