(FamilyConservationPAC.com) – Proterra, the electric bus company once heralded as the future of America’s clean energy by President Joe Biden, has filed for Chapter 11 bankruptcy.
Despite its close ties with the Biden administration and millions in investment, the company’s bankruptcy has sent shockwaves throughout the industry and raised concerns over potential conflicts of interest within the administration.
Kamala and Biden’s golden boy just filed for bankruptcy. Taxpayers were funding Proterra, America’s biggest electric bus company, and now the money’s missing. The whole thing was a political pump and dump scheme and top Democrats were all involved. pic.twitter.com/ZPzTgDMn2S
— Jesse Watters (@JesseBWatters) August 9, 2023
Founded in 2004, Proterra had successfully raised an impressive $682 million from an array of prominent investors, including Daimler, GM Ventures, and several others.
By aligning itself with the U.S. government’s green initiative, the company seemed poised for success.
This alliance was further cemented when President Biden took a virtual tour of Proterra’s South Carolina factory three months into his presidency, using the company as a poster child for his ambitious $1.9 trillion infrastructure plan.
The company’s ties to the administration were evident in the president’s endorsements and through Biden’s Energy Secretary, Jennifer Granholm.
Granholm, who joined Proterra’s board in 2017, faced scrutiny for holding a significant number of Proterra shares, estimated to be worth up to $5 million, even after her confirmation.
— Proterra (@Proterra_Inc) March 30, 2017
This overlap led many critics to question the ethics of her role, primarily when Proterra-linked firms were awarded over 60% of the Department of Energy grants in November 2021.
However, the company’s fortunes seemed to be on the downturn. Despite all the government backing and President Biden’s accolades, Proterra cited various market challenges when it declared bankruptcy.
The company’s CEO, Gareth Joyce, expressed that while Proterra had set industry standards with its EV and battery technologies, it struggled to “efficiently scale all of its opportunities simultaneously.”
The company’s predicament parallels Solyndra, another alternative energy company that faced bankruptcy after receiving considerable federal support during the Obama administration.
Further casting a shadow on Proterra’s credibility are recent reports from various districts and agencies highlighting issues with the buses, from performance problems to instances of a bus catching fire while charging.
As Proterra grapples with its current challenges, questions remain on the wisdom of the administration’s heavy backing and whether potential conflicts of interest may have clouded judgments.
This reeks of a “pump-and-dump” scheme, just like Obama pulled with Solyndra.
The parallels between Proterra and Solyndra are pretty clear, as @MatthewFoldi's reported.
Obama in 2010: Solyndra is "leading the way toward a brighter and more prosperous future."
Biden in 2021: Proterra is "going to end up owning the future." https://t.co/VE8AMVjZCb
— Chuck Ross (@ChuckRossDC) August 8, 2023
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