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What First Mode did
Founded in 2018 as an engineering consultancy, First Mode shifted toward hardware for heavy-industry decarbonization after Anglo American acquired an approximately 80% stake in 2023. Its focus included powertrains for diesel mining trucks and freight locomotives. The company’s most visible demonstration was a two-megawatt hydrogen-fueled powerplant installed in an Anglo American haul truck at the Mogalakwena platinum mine in South Africa. GeekWire described the truck at its 2022 debut as the world’s largest zero-emission vehicle; that is the publication’s characterization.
The company’s direction was changing before the bankruptcy. In January 2024, GeekWire reported that First Mode planned to put less emphasis on hydrogen-battery powertrains and shift toward hybrid diesel-battery systems. The company also announced a U.S. workforce reduction.
Why the company came under pressure
First Mode’s financial position was closely tied to Anglo American, which the CFO’s court declaration identified as the company’s parent, cornerstone customer and secured lender. GeekWire reported that Anglo American halted funding. The court declaration describes financial and operational challenges coming to a head in summer 2024 and a process to consider strategic options; it does not establish the reported funding halt as the sole cause of bankruptcy.
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GeekWire reported nearly $100 million in total liabilities, citing bankruptcy documents. The declaration also describes a $26 million debtor-in-possession financing facility from Anglo American. That financing was part of the bankruptcy case, not evidence that the company had solved its underlying liquidity problems.
The effort to find a buyer
Before filing, First Mode contacted 19 potential buyers. Nine signed nondisclosure agreements, but only Cummins submitted a bid by the Sept. 30, 2024, indication-of-interest deadline, according to CFO Colin Mark Freed’s declaration. The declaration said one other party expected to submit a preliminary offer by Oct. 15, subject to substantial additional due diligence.
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“Ultimately, only Cummins provided a bid by September 30, 2024 while one other party indicated that it would submit a preliminary offer subject to substantial additional due diligence by October 15, 2024.”
On Dec. 15, the filing date, Cummins became the stalking-horse bidder under a proposed agreement to buy the majority of the debtors’ assets for $15 million plus certain assumed liabilities. That was the proposed agreement’s price; it should not be treated as a verified final transaction price.
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First Mode bankruptcy timeline
| Date | What happened |
|---|---|
| 2018 | First Mode was founded as an engineering consultancy. |
| 2023 | Anglo American acquired approximately 80% of the company, which shifted toward heavy-industry hardware. |
| January 2024 | GeekWire reported a shift toward hybrid diesel-battery powertrains, alongside a U.S. workforce reduction. |
| Summer 2024 | The CFO’s declaration says financial and operational challenges came to a head. |
| Sept. 30, 2024 | The initial deadline for indications of interest passed with Cummins as the only bidder, according to the declaration. |
| Dec. 15, 2024 | First Mode Holdings, Inc. and affiliate Synchronous LLC filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware. The proposed Cummins stalking-horse agreement was also dated Dec. 15. |
| March 31, 2026 | The docket summary reports that the case closed following a sale-and-liquidation process. |
What the bankruptcy case resolved—and what remains unclear
The first-day declaration said the Chapter 11 cases were intended to support an asset sale and orderly liquidation. The later docket summary reports that a post-confirmation report showed full payment of allowed participating general unsecured claims. That qualification matters: it does not establish that every creditor or claimant was paid in full, nor does the reviewed case summary establish the complete final disposition of all assets.
The available account shows a company facing financial and operational strain, heavily connected to one parent, customer and secured lender, while its buyer search yielded little initial interest. It does not prove that any single product choice, funding decision or market condition alone caused the bankruptcy.
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Sources
- GeekWire, reporting published Dec. 17, 2024.
- U.S. Bankruptcy Court for the District of Delaware, Colin Mark Freed declaration, Case No. 24-12794, Doc. 15, filed Dec. 16, 2024.
- ElevenFlo, First Mode Holdings bankruptcy docket summary, updated Oct. 4, 2026.
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