Staff Reports
Proterra, a company that produces electric buses, has filed for bankruptcy, a major blow to the Biden administration which heavily backed the company. The controversy surrounding Proterra centers around Energy Secretary Jennifer Granholm, who promoted the company despite her previous ties to it. Granholm had served on Proterra’s board and held over a million dollars worth of stock in the company even after being confirmed as Energy Secretary.
Proterra, an electric bus company that received heavy backing from President Joe Biden’s administration, filed for bankruptcy on Monday. https://t.co/nRS5QF0XTQ
— Breitbart News (@BreitbartNews) August 9, 2023
Proterra, founded in 2004, had raised over $682 million in venture capital from various investors. President Biden has been a vocal supporter of the company, even holding a virtual tour of its South Carolina factory to promote his infrastructure plan. However, despite the administration’s efforts, Proterra failed to overcome market challenges and macroeconomic headwinds, which led to its bankruptcy filing.
Welcome former #michigan governor @JenGranholm to our board! Her expertise to fuel our #AmericanMade #ZEB growth https://t.co/2UuUeIXToK pic.twitter.com/nSPUihI566
— Proterra (@Proterra_) March 30, 2017
This situation draws comparisons to the Solyndra scandal during the Obama-Biden administration, where an alternative energy company went bankrupt after receiving a loan guarantee. Senator Ted Cruz has criticized President Biden and Secretary Granholm for their conflict of interest in promoting a company in which Granholm held significant shares.
The failure of Proterra raises questions about the Biden administration’s investments in green energy and the effectiveness of its infrastructure plan. It also raises concerns about potential conflicts of interest within the administration, as Granholm continued to hold Proterra shares during her tenure as Energy Secretary. The bankruptcy of Proterra serves as a reminder that government-backed green energy companies are not always successful, and taxpayers should be cautious about their investments.
