Proterra, a manufacturer of electric buses and EV powertrain components, has filed for Chapter 11 bankruptcy protection.

The company intends to continue operations, using existing capital, and plans to either recapitalize its businesses or sell them off. Proterra has three main business units: in 2022, most of its profits came from sales of electric buses; the Proterra Powered division sells powertrain components to other OEMs; the Proterra Energy division offers turnkey charging services, including proprietary software, to EV fleets.

Proterra was one of many EV companies that got caught up in the SPAC boom-and-bust debacle of 2019-2021. In January 2021, Proterra was valued at $1.6 billion in a SPAC merger deal. At last close prior to the bankruptcy announcement, its market value was $362 million. In its bankruptcy filing, Proterra listed its assets and liabilities in the range of $500 million to $1 billion.

“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,” said CEO Gareth Joyce.

Sources: Bloomberg, Reuters