When we met Damon Motors, now Damon Inc., gave the feeling that we were facing a possible milestone in the history of electric mobility. They promised a futuristic superbike, capable of reaching 200 miles per hour and with 200 miles of autonomy (321 kilometers). Logically they generated expectation, on the one hand, and were able to attract a lot of money in investments.
However, the present of the Canadian company is very different: it barely has eleven full -time employees, accumulates debts, does not have a production calendar and is immersed in several judicial processes that threaten their survival.
The problems multiply and the demands too. On the one hand, there is the leased company that denounces for tax defaults, they also have that of the investor Andy Defrancesco and even more notable is that of Jay Giraud, co -founder and CEO of the company.
Giraud tells that he was forced to resign under pressure, with four hours of notice and in the face of threats about an unjustified dismissal. According to his version, he accepted a hurried compensation agreement without legal advice, which now claims as incomplete when demanding backward wages and slope bonds. The company, meanwhile, has responded with a forceful “We deny each and every one of the accusations”
The situation is further complicated by a letter that Giraud himself contributed as proof in his demand and that, however, he calls into question. Signed by Andy Defrancesco and other shareholders, the document accuses it of waste by about 75 million dollars without results, of falsifying the progress of the projects, of forcing the company’s IPO. He is even reproached to have compromised funds without approval of the Council and have personally benefited from corporate resources. The tone of the letter leaves no space: if Giraud tries to claim more money, legal actions will be undertaken against him.
That it was the founder himself who included that letter in the judicial process has surprised many, and has revived the criticism of former employees who describe their management as chaotic and capricious. Among them, the rapid rise of their fiancee within the company and the lack of transparency in the use of investments. Giraud, on the other hand, argues that the letter spread widely to damage its reputation and make it difficult to find employment or raise capital in the future.
Damon Inc.’s future is quite uncertain, being optimistic …
Meanwhile, the reality of Damon Inc. deteriorates and the abyss seems to be opened under its foundations. With just a dozen workers, half of them in executive positions, without important income, and without a clear road map for its expected star motorcycle, the company seems closer to collapse than to meet the expectations it generated so little time ago. Its immediate future will depend on what is decided in the courts, and whether it is able to restructure before the financial pressure has completely sinks it.
Rideapart’s colleagues, the medium that uncovered the situation, claim that they have tried to obtain an official statement from the company, although without success. Until then, the only sure thing is that the one that was going to be one of the most promising startups in the world of electric motorcycle lives its most critical days, in a segment that does not finish finding its place.
