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

The corporate intends to proceed operations, utilizing present capital, and plans to both recapitalize its companies or promote them off. Proterra has three primary 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 gives turnkey charging companies, together with proprietary software program, to EV fleets.

Proterra was one in all many EV corporations that acquired 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. Finally 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 trade normal, we now have confronted varied market and macroeconomic headwinds which have impacted our potential to effectively scale all of our alternatives concurrently,” stated CEO Gareth Joyce.

Sources: Bloomberg, Reuters