Struggling lithium-ion battery maker iM3NY is out of cash and into bankruptcy, according to a Bloomberg news report.

The Endicott company and its affiliate Imperium3 have filed for bankruptcy protection in a federal court in the state of Delaware.

iM3NY has encountered a series of financial and production problems since plans for a so-called "gigafactory" were announced in October 2017.

A view inside the entrance to the iM3NY gigafactory on October 14, 2024. (Photo: Bob Joseph/WNBF News)
A view inside the entrance to the iM3NY gigafactory on October 14, 2024. (Photo: Bob Joseph/WNBF News)
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Then-Governor Andrew Cuomo said the manufacturing facility was expected to create more than 230 jobs. The iM3NY site in Endicott currently employs 22 people, according to Bonodoro.com.

People familiar with the situation said about 50 workers were laid off by iM3NY last October.

Regulators in Australia have accused the company's majority owner of not disclosing production problems at the Endicott plant, which is located on the Huron Campus.

A vehicle parked outside the iM3NY facility in Endicott on October 14, 2024. (Photo: Bob Joseph/WNBF News)
A vehicle parked outside the iM3NY facility in Endicott on October 14, 2024. (Photo: Bob Joseph/WNBF News)
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The bankruptcy filing indicated iM3NY had amassed a total debt of more than $142 million by the end of last year.

Bloomberg reported the company has secured a $2.5 million loan in a financing plan that must be approved by a judge.

iM3NY has retained a company to try to find a buyer for its assets.

Company representatives could not be reached for comment. A telephone number listed on the iM3NY website has been disconnected.

WNBF NEWS VIDEO: A look outside the iM3NY building on January 29, 2025.

FLASHBACK - WNBF NEWS: A visit to the troubled gigafactory on the Huron Campus in Endicott on October 15, 2024.

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Contact WNBF News reporter Bob Joseph: Email bob@wnbf.com or call (607) 545-2250. For breaking news and updates on developing stories, follow @BinghamtonNow on Twitter.

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