U.S.-based battery manufacturer Proterra filed for Chapter 11 bankruptcy protection
According to the official statements, while navigating this process, the company is committed to maintaining normal business operations and harnessing the opportunity to optimize its product lines.
Battery and electric bus manufacturer Proterra has filed for Chapter 11 bankruptcy protection. Proterra is one of the main suppliers of Volta Trucks for the Volta Zero electric trucks, which rely on their battery packs. According to the official statements, while navigating this process, the company is committed to maintaining normal business operations and harnessing the opportunity to optimize its product lines.
Is Proterra close to bankruptcy?
Reuters reported that ”Proterra, whose shares nearly halved in value after the bell, listed its assets and liabilities in the range of $500 million to $1 billion. The company had a market value of $362 million as of last close. In January 2021, Proterra was valued at $1.6 billion, including debt, in a merger deal with a blank-check firm”.
“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.”
