Re: Biden TAX $$$$ recipient Greenville EV battery manufacturer files for bankruptcy protection

[Biden Fraud]

On 26 Nov 2021, Molly Bolt <mollyth...@gmail.com> posted some
news:d9957f19-0b7e-453b...@googlegroups.com:

> "innovator" in fraud maybe. It's just another liberal pie in the sky
> piece of shit operation mooching off tax payers.

An innovator in commercial vehicle electrification technology, with
facilities in Greenville and Greer, plans to file for bankruptcy.

Proterra Inc. (Nasdaq: PTRA) announced that the company is taking action
to “maximize the value of its business and enhance the potential of each
of its product lines,” according to a Proterra news release.

The company voluntarily filed for protection under Chapter 11 of the
U.S. Bankruptcy Code in the District of Delaware in an effort to
strengthen its financial position through a recapitalization or
going-concern sale, the release said.

Although the company intends to continue to operate business as usual,
it moves through this process and plans to file the customary motions
with the Bankruptcy Court to use existing capital to fund operations,
including paying employee salaries and benefits, and compensating
vendors and suppliers on a go-forward basis in accordance with Chapter
11 rules, while ensuring business continuity for customers, the release
said.

“Proterra is at the forefront of the innovations that are driving
commercial vehicle electrification,” said Proterra CEO Gareth Joyce. “We
know we’re building industry-leading products that our customers want
and need. 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. This is why we are taking action
to separate each product line through the Chapter 11 reorganization
process to maximize their independent potential.”

Shares of Proterra's stock were down 84% on Tuesday as a result of the
bankruptcy filing. The Burlingame, Calif.-based company' stock value has
plummeted 78% over the past year, according to Yahoo Finance.

In January, Proterra had produced the first Proterra Powered EV battery
at its new Powered 1 battery manufacturing plant in Greer. By achieving
this end-to-end production milestone at Powered 1, Proterra was expected
to begin deliveries to customers of Proterra Powered battery systems
from the new battery factory in the first quarter of 2023, SC Biz News
reported in January.

In March, the South Carolina Department of Education announced it would
buy 160 Thomas electric school buses, powered by Proterra, for school
districts across the state over the next year, under a new procurement
finalized between the Department of Education and Thomas Built Buses
dealer Interstate Transportation.

“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 Joyce. “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 is a pioneer in zero-emission transportation with more than a
decade of production experience, the release said. The company
introduced zero-emission, electric transit buses to the North American
market in 2010, which have now cumulatively amassed more than 40 million
real-world service miles and displaced more than 180 million pounds of
CO2 emissions.

Today, the company’s “best-in-class battery technology” is powering more
than 20 commercial vehicle applications spanning Class 3 cargo vans
through to Class 8 semi-trucks, as well as off-highway equipment in the
construction and mining segments, in the U.S., European, and
Asia-Pacific markets. Proterra has further installed more than 100
megawatts of heavy-duty EV charging infrastructure to support commercial
vehicle fleets across North America, according to the release.

Moelis & Company LLC is acting as the company’s investment banker, FTI
Consulting as financial adviser, and Paul, Weiss, Rifkind, Wharton &
Garrison LLP is acting as legal adviser.

Reach Krys at 864-640-4418.

https://gsabusiness.com/news/automotive/83866/