EV company files for Chapter 11
Proterra, considered one of the leading innovators in commercial vehicle electrification technology, announced August 7 that it is has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware "in an effort to strengthen its financial position through a recapitalization or going-concern sale."
The company specializes in electric buses and shuttles.
“Proterra is at the forefront of the innovations that are driving commercial vehicle electrification. We know we’re building industry-leading products that our customers want and need,” said Gareth Joyce, Proterra CEO. “The foundation we have built has set the stage for decarbonization across the commercial vehicle industry as a whole, and we recognize the great potential in all of our product offerings to enable this important transformation. This is why we are taking action to separate each product line through the Chapter 11 reorganization process to maximize their independent potential.”
“While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously. As commercial vehicles accelerate towards electrification, we look forward to sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders,” said Joyce.