EV battery and vehicle platform specialist Proterra is the latest company to join an infamous list of electrified tech companies who have filed for Chapter 11 bankruptcy.
In addition to its own vehicles, "Proterra powered" EVs like Thomas Built Buses have already eclipsed 1 million miles driven to date.
View all comments After the NYSE bell rang Monday evening, Proterra quietly and voluntarily filed for Chapter 11 bankruptcy, declaring its assets and liabilities somewhere in the range of $500 million to $1 billion.
Less than a month ago, Proterra was celebrating the opening of the largest electric bus charging center in North America alongside partner ABC Companies, but the EV battery and platform developers funding woes have been public knowledge for some time now, long before any mention of bankruptcy.
Proterra CEO Gareth Joyce said as much in a statement: We have faced various market and macroeconomic headwinds that have impacted our ability to efficiently scale.
Despite filing for bankruptcy protection, Proterra says it will continue to operate it business as usual but will file the necessary motions with the appropriate court to access its existing capital in order to continue operations.
No word yet on whether the company will put itself up for sale, but it would be a shame to see a name like Proterra join the likes of Lordstown Motors especially after nearly 20 years of effort.
No comments:
Post a Comment