In a shocking turn, Proterra Inc, the largest U.S. electric-bus maker, filed for Chapter 11 bankruptcy protection late Monday. Founded in 2004, Proterra has sold about 1,300 buses to more than 130 transit agencies in the U.S. and Canada. The company sought to compete against giant Chinese rival BYD and to partner with traditional bus-makers in the emerging North American and European electric bus markets. Proterra stated that it plans to continue business operations as it pursues a restructuring "to strengthen its financial position through a recapitalization or going-concern sale." Learn more: https://bit.ly/45Di8oP #electrification #decarbonization #transportation #electricvehicle
Ouch
Clean Energy Advocate | Nonprofit Founder | Executive Marketing Leader | Sustainability Expert
1yThey were one of the early adopters, innovators on the battery tech for buses. This is such a disappointment. In my own little imaginary world, I want the early risk takers to be rewarded.