Proterra names winning bidders for Transit, Energy business lines

By Sarah Lizee

Olympia, Wash., Nov. 14 – Proterra Inc. concluded the “track A” auction of its Chapter 11 sales process and selected two winning bidders for its Transit and Energy business lines, according to a Monday evening press release.

Phoenix Motor, Inc. has been selected as the winning bidder to acquire the Proterra Transit business line. CSI GP I LLC, CSI Prodigy Holdco LP, CSI Prodigy CoInvestment LP and CSI PRTA Co-Investment LP have been selected as the winning bidder to acquire the Proterra Energy business line, which includes the company’s Valence fleet and energy management product offering, through a Chapter 11 plan of reorganization.

The purchase price for the Transit business is $6.5 million, and the purchase price for the Energy line is $3.5 million, in each case plus assumed liabilities and cure amounts.

Both acquisitions are subject to the bankruptcy court’s approval, as well as regulatory approvals and closing conditions.

The company previously announced that it successfully concluded the “track B” auction of its Chapter 11 sales process with Volvo Battery Solutions LLC as the winning bidder to acquire the company’s Proterra Powered business line.

Proterra will seek the bankruptcy court’s approval of the acquisitions on Nov. 28.

Moelis & Co. LLC is acting as the company’s investment banker.

Burlingame, Calif.-based Proterra designs and manufactures zero-emission electric transit vehicles and EV technology solutions for commercial applications. The company filed bankruptcy on Aug. 7 under Chapter 11 case number 23-11120.

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