Home Truck News Proterra battery maker files for Chapter 11 - Truck News

Proterra battery maker files for Chapter 11 – Truck News

Proterra — a U.S.-headquartered maker of electric buses, as well as battery systems used by several truck manufacturers – has voluntarily filed for Chapter 11 bankruptcy protection.

In a statement on its website the company says it intends to maintain normal operations and will file motions to use existing capital to pay employees, vendors and suppliers.

“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,” Proterra CEO Gareth Joyce said.

“As commercial vehicles accelerate toward electrification, we look forward to sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.”

Proterra battery pack
(Photo: Proterra)

Proterra first introduced battery-electric transit buses in North America in 2010. Its battery systems power more than 20 commercial vehicle applications from Class 3 cargo vans to Class 8 trucks — such as the Nikola Tre BEV, Blue Arc EV, FCCC MT50e, and Lightning eMotors vans.

It has also installed more than 100 megawatts of heavy-duty charging infrastructure in North America.

U.S. President Joe Biden visited the company’s South Carolina facility in 2021 to showcase domestic electric vehicle manufacturers.

Credit: Source link


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