US Commercial EV Technology Provider Proterra Files for Bankruptcy Protection

Proterra Inc, a US commercial vehicle electrification technology prpdvier, has voluntarily filed for protection under Chapter 11 of the US Bankruptcy Code in the District of Delaware in an effort to strengthen its financial position through a recapitalisation. Proterra introduced zero-emission, electric transit buses to the North American market in 2010, which have now amassed more than 40 million service miles and displaced over 180 million pounds of CO2 emissions. 

The company intends to continue to operate in the ordinary course of business as it moves through this process and plans to use existing capital to fund operations, including paying employee salaries and benefits, and compensating vendors and suppliers.

Proterra's battery technology has powered more than 20 commercial vehicle applications spanning Class 3 cargo vans through to Class 8 semi-trucks, as well as off-highway equipment in the construction and mining segments, in the US, European, and Asia-Pacific markets. 

It has also installed more than 100 megawatts of heavy-duty EV charging infrastructure to support commercial vehicle fleets across North America.

Gareth Joyce, Proterra CEO, says: “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. 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,” adds Joyce.

Proterra products are designed, engineered, and manufactured in America, with offices in Silicon Valley, South Carolina, and Los Angeles