Gilbert-based EV company Zevx liquidates assets, winds down operations
Aug 18, 2024, 5:45 AM
A Gilbert-based electric vehicle charging company is liquidating its assets and closing its business. (Photo by Amy Edelen)
(Photo by Amy Edelen)
A Gilbert-based electric vehicle charging company that landed millions of dollars in a venture capital deal last year is liquidating its assets and closing its business.
Zevx Inc., via special purpose entity Zevx Liquidation LLC, auctioned off inventory — including battery packs, modules and equipment — from its warehouse at 565 E. Germann Road in Gilbert this week and is in the process of selling its intellectual property, David Johnson, principal and managing director of Resolution Financial Advisors LLC, confirmed to the Business Journal.
Resolution Financial Advisors is facilitating Zevx’s liquidation. Johnson said he was unable to disclose a valuation for Zevx’s auction proceeds, which have not yet been calculated.
Zevx officials did not respond to a request for comment on the company’s closure.
Zevx on July 2 initiated an assignment for the benefit of creditors, which is an alternative liquidation process to a Chapter 7 bankruptcy. In an ABC, a company transfers its assets to an assignee or trustee for liquidation and distribution to creditors, and it can be a faster process than a traditional bankruptcy filing.
“This is an expedited sales process necessitated by the financial condition of the company,” according to a sale memorandum obtained by the Business Journal.
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