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Charged EVs | EV producer Proterra recordsdata for chapter


EV producer Proterra recordsdata for chapter

Proterra, a producer of electrical buses and EV powertrain parts, has filed for Chapter 11 chapter safety.

The corporate intends to proceed operations, utilizing current capital, and plans to both recapitalize its companies or promote them off. Proterra has three foremost enterprise models: in 2022, most of its earnings got here from gross sales of electrical buses; the Proterra Powered division sells powertrain parts to different OEMs; the Proterra Vitality division provides turnkey charging companies, together with proprietary software program, to EV fleets.

Proterra was one in every of many EV firms that received caught up within the SPAC boom-and-bust debacle of 2019-2021. In January 2021, Proterra was valued at $1.6 billion in a SPAC merger deal. Eventually shut previous to the chapter announcement, its market worth was $362 million. In its chapter submitting, Proterra listed its property and liabilities within the vary of $500 million to $1 billion.

“Whereas our best-in-class EV and battery applied sciences have set an business customary, we’ve got confronted numerous market and macroeconomic headwinds which have impacted our capability to effectively scale all of our alternatives concurrently,” mentioned CEO Gareth Joyce.

Sources: Bloomberg, Reuters

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