Proterra

Proterra, an electric bus and battery manufacturer, filed for Chapter 11 bankruptcy protection on August 7, 2023.^{23456713151718} The company had raised approximately $1 billion in equity and debt before its bankruptcy.¹⁰ Proterra emerged from bankruptcy in March 2024 after selling its business lines and restructuring its debt.¹³

Timeline

Money raised

Proterra raised $20 million from MK Energy and Infrastructure in 2010.¹¹ Proterra raised $30 million in 2011 from GM Ventures, Mitsui, Kleiner Perkins Caufield & Byers, Vision Ridge Partners, and 88 Green Ventures.¹¹ Proterra raised $24.95 million in Series 2 funding on November 5, 2012.⁷ Proterra raised $36.48 million in Series 3 funding on October 4, 2013.⁷ Proterra raised $31.65 million in Series 4 funding on June 17, 2015.⁷ Proterra raised $142.99 million in Series 5 funding on January 3, 2017.⁷ Proterra raised $55 million in Series 6 funding on June 13, 2017.⁷ Proterra raised $155 million in Series 7 funding on September 19, 2018, at a post-money valuation of $861.99 million.⁷ Proterra raised $86.87 million in Series 8 funding on August 2, 2019, at a post-money valuation of $1.08 billion.⁷ Proterra raised $200 million in October 2020 in a round led by Cowen Sustainable Investment Advisors, with participation from Soros Fund Management, Generation Investment Management, and Broadscale Group.¹⁰ Proterra had raised approximately $1 billion in equity and debt by October 2020.¹⁰ In January 2021, Proterra agreed to a SPAC merger with ArcLight Clean Transition Corp. at an enterprise value of $1.6 billion, including $415 million in PIPE financing.⁷¹¹

Investors named in the sources: 88 Green Ventures⁷¹¹, BMW i Ventures⁷¹⁰¹¹, Broadscale Group¹⁰¹¹, Constellation Ventures⁷¹⁰, Cowen Sustainable Investment Advisors¹⁰, Daimler⁷¹¹, Edison Energy⁷¹⁰¹¹, Franklin Templeton⁷¹¹, G2VP⁷¹⁰¹¹, General Motors Ventures⁷¹⁰¹¹, Generation Investment Management⁷¹⁰¹¹, Hennessey Capital⁷¹¹, Hercules Capital⁷, Kleiner Perkins⁷¹⁰¹¹, Middle East Venture Partners⁷¹¹, Mitsui & Co.¹⁰¹¹, Obvious Ventures⁷¹¹, Soros Fund Management¹⁰¹¹, Tao Capital Partners⁷¹⁰¹¹, Vision Ridge Partners⁷¹¹.

What happened

Proterra was founded in 2004 by Dale Hill.⁷ Proterra designed and manufactured zero-emission transit buses.⁷ Proterra also produced battery packs and charging systems for electric vehicles.^3101113 Proterra raised $20 million from MK Energy and Infrastructure in 2010.¹¹ Proterra raised $30 million in 2011 from investors including GM Ventures, Mitsui, Kleiner Perkins Caufield & Byers, Vision Ridge Partners, and 88 Green Ventures.¹¹

Proterra raised $24.95 million in Series 2 funding on November 5, 2012.⁷ Proterra raised $36.48 million in Series 3 funding on October 4, 2013.⁷ Proterra raised $31.65 million in Series 4 funding on June 17, 2015.⁷ Proterra raised $142.99 million in Series 5 funding on January 3, 2017.⁷ Proterra raised $55 million in Series 6 funding on June 13, 2017.⁷

Proterra raised $155 million in Series 7 funding on September 19, 2018, at a post-money valuation of $861.99 million.⁷ Proterra raised $86.87 million in Series 8 funding on August 2, 2019, at a post-money valuation of $1.08 billion.⁷ Proterra raised $200 million in October 2020 in a round led by Cowen Sustainable Investment Advisors.¹⁰ Proterra had raised approximately $1 billion in equity and debt by October 2020.¹⁰ In January 2021, Proterra agreed to go public through a merger with ArcLight Clean Transition Corp. at an enterprise value of $1.6 billion.⁷¹¹

The merger included $415 million in PIPE financing from investors including Daimler Trucks, Franklin Templeton, Fidelity, and BlackRock.⁷¹¹ Proterra completed its SPAC merger with ArcLight on June 14, 2021, and began trading under the ticker PTRA.¹⁸ Proterra faced supply chain constraints, slowing demand, and a funding drought in the electric vehicle industry.³ Proterra announced plans for job cuts and combined electric bus and battery production in South Carolina to trim costs.³ On March 15, 2023, Proterra warned of liquidity risks and issued a going concern notice.¹⁸

Proterra filed for Chapter 11 bankruptcy protection on August 7, 2023.^{23456713151718} Proterra listed assets and liabilities in the range of $500 million to $1 billion.³ Proterra's shares nearly halved in value after the bankruptcy announcement.³ Proterra's stock had fallen over 90% from its post-SPAC peak by August 2023.¹⁸ Trading of Proterra shares was suspended on Nasdaq on October 2, 2023.¹⁸

Proterra announced a merger or acquisition with Volvo & Phoenix Motor on November 13, 2023.⁷ Proterra sold its Proterra Powered business line for approximately $210 million plus the assumption of certain liabilities.¹³ Proterra sold its Proterra Transit business line for approximately $10 million plus the assumption of certain liabilities.¹³ Proterra Energy was retained by the reorganized Proterra under its chapter 11 plan.¹³ Proterra emerged from Chapter 11 bankruptcy on March 13, 2024, after court approval of its reorganization plan.¹³

The reorganization plan resulted in the repayment and equitization of approximately $200 million in funded debt.¹³ Proterra exited bankruptcy under new ownership with substantial cash on its balance sheet and no funded debt obligations.¹³ Investors filed a securities class action lawsuit against Proterra on July 14, 2023, alleging misleading statements and failure to disclose risks.¹⁸ Proterra agreed to a $29 million settlement with investors on January 10, 2025.¹⁸

Legal outcomes

• filedInvestors filed a securities class action lawsuit against Proterra on July 14, 2023, alleging misleading statements and failure to disclose risks.¹⁸
• settledProterra agreed to a $29 million settlement with investors on January 10, 2025.¹⁸

Where the founders are now

Proterra was founded in 2004 by Dale Hill.⁷

Sources

2. 🌎 The SPAC struggle bus #162, CTVC by Currence, 2023-08-14
3. EV firm Proterra files for Chapter 11 bankruptcy protection - Times of India, The Times of India, Aug 8, 202
4. file: a2023q210-q.htm, sec.gov
5. Retail investors flock to penny stocks WeWork, Amyris, Proterra, finance.yahoo.com
6. Chapter 11 bankruptcy filing Archives, FreightWaves
7. Proterra IPO Timeline and Financing Details - Forge, forgeglobal.com
10. Proterra, which makes big honkin' battery systems and electric buses, raises $200 million | TechCrunch, TechCrunch, 2020-10-15
11. Proterra opts for reverse merger route - Global Venturing, Global Venturing, 2021-01-13
13. Proterra Emerges From Chapter 11, Paul, Weiss, Mar 13, 20
15. Prodigy Investments Holdings, Inc. (f/k/a Proterra Inc), veritaglobal.net
17. Document 3 - file: eh230431551_ex9902.htm, sec.gov
18. 11th.com | Investor Funds Recovery, 11th.com

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