Proterra files for bankruptcy
By Luke Willetts - 11th August 2023
Proterra factory in South Carolina
USA – Earlier this week electric bus and battery manufacturer, Proterra Inc, based in Burlingame, California, filed for Chapter 11 bankruptcy protection in the U.S. In a statement, Gareth Joyce CEO of Proterra, said: “We have faced various market and macroeconomic headwinds that have impacted our ability to efficiently scale." Proterra, whose shares nearly halved in value after the bell on Monday the 7th of August 2023, listed its assets and liabilities in the range of USD 500 million to USD 1 billion. The company has a market value of USD 309 million and is currently trading at USD 0.15 a share as of Thursday the 10th of August. In January 2021, Proterra was valued at USD 1.6 billion.
The company, in a statement, said that it intends to continue to operate as it plans to file the customary motions with the bankruptcy court to use existing capital to fund operations. Earlier this year Proterra announced plans to cut jobs and close factories.
