When Canoo first unveiled its cool, futuristic-looking electric van back in 2021, a non-zero number of friends reached out to me to ask when they could buy one. The answer is probably never. Not unless they work for the federal government. The struggling EV startup has been on the verge of running out of money since last year. Its cash burn remains high, and analysts say it’s at risk for insolvency.
And this week, Canoo said it had “expanded” its partnership with the Defense Department’s Innovation Unit to develop high-capacity battery packs for use in military vehicles, as well as energy-dense batteries for the US Navy. It’s quite the pivot for the six-year-old company, which originally launched in a nearly zero-interest rate environment along with over a dozen other EV startups that all had dreams of becoming the next Tesla.
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Source: cleantechnica - 🏆 565. / 51 Read more »