Pages

Tuesday, August 8, 2023

BREAKING: @mcps @mocoboe Electric Bus Contractor for Charging Stations Proterra Stuns Investors With Surprise Bankruptcy Filing - Sell

Proterra: Stuns Investors With Surprise Bankruptcy Filing - Sell

Summary

  • After the close of Monday's session, battery systems and electric transit bus manufacturer Proterra Inc. stunned investors with a bankruptcy filing out of left field.
  • Following the successful restructuring of the company's convertible notes earlier this year, the move comes as a surprise.
  • Apparently, the company is looking to separate the legacy transit bus operations from the battery and charging solutions segment ("Proterra Powered & Energy") and pursue a recapitalization or sale.
  • Regardless of the company pursuing a recapitalization or a sale, a recovery for existing equity holders looks highly unlikely at this point.
  • Considering the very real risk of a wipeout, I would advise existing shareholders to sell existing positions and move on.

************************

Proterra Press Release

...Under the agreement, Highland and its project partners, including Thomas Built Buses, Proterra, and Annapolis-based American Bus, will electrify all five of MCPS’ bus depots, supplying the electric school buses and charging infrastructure along with services including managed charging. Highland will purchase buses manufactured in North Carolina by Thomas Built Buses, which will be supplied and serviced by American Bus. Both companies have been long-time trusted suppliers and partners for the MCPS Department of Transportation. Designed, engineered, and manufactured in the United States by Thomas Built Buses, the all-electric Saf-T-Liner C2 Jouley school bus is powered by Proterra’s electric vehicle technology platform. The Jouley couples 226 kWh of total energy capacity with a Proterra Powered drivetrain to offer an industry-leading operating range of up to 135 miles on a single charge to meet the needs of school bus fleets...


 Parents' Coalition of Montgomery County, Maryland: Under the agreement, Highland and its project partners... will electrify all five of MCPS’ bus depots [Even the Shady Grove Depot that is supposed to move one day?] (parentscoalitionmc.blogspot.com)

No comments:

Post a Comment

If your comment does not appear in 24 hours, please send your comment directly to our e-mail address:
parentscoalitionmc AT outlook.com