Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Suncor Energy Inc T.SU

Alternate Symbol(s):  SU

Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the United States; and the Company’s Petro-Canada retail and wholesale distribution networks (including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicle (EV) stations). The Company is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower-emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. The Company also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region.


TSX:SU - Post by User

Post by ztransforms173on Aug 08, 2023 12:19pm
245 Views
Post# 35577689

Proterra Becomes Latest EV Innovator To File For BANKRUPTCY

Proterra Becomes Latest EV Innovator To File For BANKRUPTCY

Proterra becomes the latest EV innovator to file for bankruptcy protection

It’s a tale as old as time… well at least for the past fifteen years or so when we look at the EV industry. EV battery and vehicle platform specialist Proterra is the latest company to join an infamous list of electrified tech companies who have filed for Chapter 11 bankruptcy. What does this mean for the other companies dependent on Proterra’s EV tech?

Proterra Inc. (PTRA) is (was?) an American automotive and energy storage developer that would be celebrating two decades in the industry next year. We at Electrek have contributed consistent coverage of the California-based company over the years through its countless ventures in electrification.

This included vehicle launches like its ZX5 Max electric bus last year and the rolling out of the first EV battery packs off the assembly lines at its latest production facility in South Carolina. In addition to its own vehicles, “Proterra powered” EVs like Thomas Built Buses have already eclipsed 1 million miles driven to date.

Needless to say, Proterra has its eco-friendly fingerprints on a myriad of commercial vehicles and machines around various segments, but will all that progress fade into its legacy now that it has filed for bankruptcy protection?

Proterra bankruptcy
Proterra’s Los Angeles facility / Credit: Proterra

Proterra joins the Chapter 11 bankruptcy list

After the NYSE bell rang Monday evening, Proterra quietly and voluntarily filed for Chapter 11 bankruptcy, declaring its assets and liabilities somewhere in the range of $500 million to $1 billion. Per Reuters, the company had a market value of $362 million as of Monday’s close, but its shares nearly halved in value following the news.

Less than a month ago, Proterra was celebrating the opening of the largest electric bus charging center in North America alongside partner ABC Companies, but the EV battery and platform developers funding woes have been public knowledge for some time now, long before any mention of bankruptcy.

Earlier this year, Proterra shared a business shift that combined battery and bus production at its South Carolina facility alongside job cuts to attempt to cut costs. Like many smaller companies in this industry, supply chain constraints, fickle demand, and the exorbitant amount of funding needed to scale proved to be too much. Proterra CEO Gareth Joyce said as much in a statement:

We have faced various market and macroeconomic headwinds that have impacted our ability to efficiently scale.

Despite filing for bankruptcy protection, Proterra says it will continue to operate it business as usual but will file the necessary motions with the appropriate court to access its existing capital in order to continue operations. No word yet on whether the company will put itself up for sale, but it would be a shame to see a name like Proterra join the likes of Lordstown Motors… especially after nearly 20 years of effort.

https://electrek.co/2023/08/08/proterra-becomes-the-latest-ev-innovator-to-file-for-bankruptcy-protection/

z173

<< Previous
Bullboard Posts
Next >>