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Proterra (bus manufacturer)

American electric bus manufacturer

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Founded in 2004, it became a public company in June 2021. The company delivered 199 new transit buses and battery systems for 1,229 vehicles in 2022. The company filed for Chapter 11 bankruptcy in August 2023. In November, its assets were split into three divisions and sold off. The Proterra Powered powertrain manufacturing business line became an independent company within the Volvo Group. The transit bus manufacturing business line was sold to Phoenix Motorcars. The Proterra Energy business line, which built charging systems for fleets of heavy-duty vehicles, was purchased by Cowen Equity.

History

Proterra was founded in Golden, Colorado by Dale Hill in 2004. Hill had previously founded TransTeq, a Denver, Colorado, bus manufacturing company, as well as Alumatech, a manufacturing company that made aluminum dump trailers. TransTeq was best known for building the fleet of "EcoMark" buses used on the 16th Street Mall in Denver that were series hybrids with batteries charged by a generator connected to a small compressed natural gas fueled engine.

Proterra would abandon the CNG technology used by its predecessor TransTeq, to take advantage of Federal Transit Administration's (FTA) push for alternative fuels and forms of mobility through such programs as the Clean Fuels Grant Program Bus and Bus Facilities, and the TIGER and TIGGER programs, which excluded CNG buses.

A prototype of the company's first product, the EcoRide, was first shown at the 2008 APTA Expo. The battery-electric bus had a composite body and range-extending hydrogen fuel cell auxiliary power unit (APU). Ultimately, the company decided to abandon the APU by the time the bus went on a tour of several cities in California in 2009. The prototype helped secure an order from Southern California's Foothill Transit, which received several EcoRide BE35 buses in 2010. The prototype bus was donated to the Museum of Bus Transportation in Hershey, Pennsylvania, and displayed there until it was sold in 2024.

In February 2010, Proterra announced that it would move its manufacturing plant from Golden to a location in Greenville, South Carolina, near the Clemson University International Center for Automotive Research (CU-ICAR). In October 2011, the company announced it would consolidate all operations in Greenville, moving management and research teams from Colorado.

Ryan Popple, formerly of Tesla Motors, was appointed CEO in 2014. In 2015, Proterra was awarded a $3 million grant from the California Energy Commission to fund the design, development and construction of the company's battery-electric transit bus manufacturing line in the City of Industry, California. Proterra moved its headquarters from Greenville, South Carolina to Burlingame, California in October 2015. Popple served as CEO of Proterra until 2020, when board member Jack Allen was appointed CEO and Popple became the executive director. Popple continued to work at Proterra until his death in 2021

In January 2021, the company became publicly listed on the Nasdaq after a reverse takeover of a special-purpose acquisition company, ArcLight Clean Transition Corporation.

In December 2021, Gareth Joyce was appointed CEO, effective January 1, 2022, while Jack Allen retired from the CEO role but continued to serve on the board.

On August 7, 2023, Proterra filed for Chapter 11 bankruptcy protection. Among reasons cited for the bankruptcy were supply chain disruption, leading to penalties for not meeting supplier contract commitments and for subsequent delayed deliveries, as well as the nature of the business of producing highly customized products for each transit agency, and over a period of 12 to 18 months, during which inflation cut into margins.

In mid-November 2023, in the first of two bankruptcy proceedings, Volvo Group placed a winning $210 million bid for the Proterra Powered business line, which builds batteries and drivetrains for other heavy-duty vehicle builders. In the second auction, the transit bus manufacturing business line was sold to Phoenix Motorcars and the Proterra Energy business line which built charging systems for fleets of heavy-duty vehicles was purchased by Cowen Equity.

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