Proterra Inc announced on Monday that “market and macroenonomic headwinds” had forced it to seek Chapter 11 protections, adding that details regarding future financing options will be worked out in Bankruptcy Court.
“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,” CEO Gareth Joyce said. “This is why we are taking action to separate each product line through the Chapter 11 reorganization process to maximize their independent potential.”
He went on to explain that the aforementioned hurdles had “impacted our ability to efficiently scale all of our opportunities simultaneously,” and that as a result, Proterra would be “sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.”
Earlier this year, Joyce was appointed to serve on the White House Export Council, however the company’s relationship with the federal government goes back years.
In 2021, Biden participated in a virtual tour of the Proterra factory, in which he praised the company for its committment to zero emission travel.
“We gotta own the future here,” he said. “We oughta be the single most significant supplier of electric buses and vehicles in the world before it’s over.”
“Right now we’re running way behind China,” Biden continued, “but you guys are getting us in the game. It’s gonna make a lot of difference.”
He highlighted the electrified yellow school buses in particular, arguing they would improve the lives of American children.
Kamala Harris: “Who doesn’t love a yellow school bus?! They will remain yellow, but their heart will be green”
— The Post Millennial (@TPostMillennial) January 31, 2023
Vice President Kamala Harris also celebrated the adoption of electric technology in school buses.