Daily Shorts: Proterra files Chapter 11, Baosteel to study 10 million metric ton carbon capture project

Electric-vehicle parts company Proterra, which makes e-buses and battery packs, has filed for Chapter 11 bankruptcy protection. CEO Gareth Joyce said in a statement that the company had faced "market and macroeconomic headwinds" that impacted its ability "to efficiently scale." Proterra will continue to operate ordinary business, and will seek court approval to use existing capital to fund operations. America's EV companies are combating supply constraints, pricing pressure and demand slowdown. Lordstown Motors filed for bankruptcy in June and e-truck maker Nikola has warned it might not be a going concern.

A unit of the world's largest steelmaker is looking at carbon capture utilization and storage (CCUS). Steel major Baosteel, a part of Baowu Steel Group, has signed a joint research agreement with oil giants Sinopec of China and Shell of UK, as well as German chemical firm BASF to evaluate a 10 million metric ton CCUS project in eastern China. The region accounts of 40 percent of China's GDP and 30 percent of the country's carbon emissions. China is home to Asia's largest coal-linked CCUS project.

Asset management company GLP Capital Partners announced it had raised 4 billion yuan or $500 million from Chinese government companies for deployment in the country's green energy sector. The capital will be used to finance projects in wind, solar, energy storage infrastructure and related energy management solutions, the company said, adding that the fund's overall corpus could rise to 20 billion yuan or $2.6 billion. GLP managed $125 billion across 54 funds as of March.

Texas power demand hit a record high for the eight time this summer amid a heatwave that has forced homes and businesses to crank up air conditioners. The Electric Reliability Council of Texas (ERCOT), which accounts for 90 percent of the state's power load, said usage hit a preliminary 83,854 MW, topping the record of 83,593 MW set on August 1.

Siemens Energy booked a €2.2 billion charge at its wind turbine unit, sending its net loss for the year up more than six-fold to €4.5 billion. Order books remain strong however: the company has €106 billion of backlog. The business, formerly known Siemens Gamesa, was acquired completely by the German major just months ago.