Electric Bus Company Heavily Touted By Biden Admin Files For Bankruptcy
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The electric bus company Proterra filed for bankruptcy protection.
CEO Gareth Joyce said, “we have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously.”
Electric bus and truck maker Proterra says it is seeking Chapter 11 bankruptcy protection from a federal court in Delaware.
The Burlingame, California, company is a big supplier of buses to transit systems across the nation. A statement on Proterra’s website Monday said that it intends to maintain normal operations and will file motions with the court to use existing capital to keep funding operations, including paying employees, vendors and suppliers.
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“While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously,” CEO Gareth Joyce said in the statement. “As commercial vehicles accelerate towards electrification, we look forward to sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.”
The company was heavily touted by the Biden administration.
This included grants being given to companies with ties to Proterra.
Biden has heavily promoted Proterra throughout his presidency, at one point saying the company would help America own “the future” if it kept on track. Three months into his presidency, Biden held a virtual tour of the electric bus company’s South Carolina factory to promote his $1.9 trillion infrastructure plan.
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Biden’s promotion of Proterra continued when he highlighted his tour of the Proterra factory during a trip to Wisconsin in June 2021 to promote his infrastructure agenda.
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In November 2021, Granholm and Vice President Kamala Harris announced 25 projects that were awarded $200 million in Department of Energy grants, which included $127 million in “SuperTruck 3” grants. Notably, roughly $76.8 million of the $127.8 million SuperTruck 3 grants announced went to a company with ties to Proterra, giving these Proterra-linked companies garnered more than 60 percent of the grants, as Breitbart News detailed.
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Biden also touted Proterra’s investments during a March 2022 speech. In February of this year, Biden appointed Proterra CEO Gareth Joyce to serve on his Export Council, which provides Biden with advice on international trade.
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