{"id":1994166,"date":"2023-08-08T11:33:03","date_gmt":"2023-08-08T15:33:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-said-ev-maker-proterra-was-getting-us-in-the-game-it-just-declared-bankruptcy\/"},"modified":"2023-08-08T11:34:57","modified_gmt":"2023-08-08T15:34:57","slug":"biden-said-ev-maker-proterra-was-getting-us-in-the-game-it-just-declared-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-said-ev-maker-proterra-was-getting-us-in-the-game-it-just-declared-bankruptcy\/","title":{"rendered":"Biden praised Proterra, but it filed for bankruptcy."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-said-ev-maker-proterra-was-getting-us-in-the-game-it-just-declared-bankruptcy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1994166&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div>\n<blockquote>\n<h2>Biden&#8217;s Praise for Green Energy Company Backfires as it \u2064Declares Bankruptcy<\/h2>\n<\/blockquote>\n<figure><figcaption>\n<p>      \u200b      A Proterra electric bus in service in Philadelphia in 2019 \/ \u200bYouTube Screenshot<br \/>\n    <\/figcaption><\/figure>\n<\/div>\n<div>\n<p>President Joe Biden enthusiastically endorsed the company. Its top executive even secured a \u2062position on a White \u2063House board. Meanwhile, Energy Secretary \u2064Jennifer Granholm held a significant number of shares in it.<\/p>\n<p>However, all of this support couldn&#8217;t prevent Proterra, the\u200d electric vehicle manufacturer known for \u200bits\u2064 unreliable buses, from filing for \u200bbankruptcy. Proterra cited &#8220;various market and macroeconomic \u200cheadwinds&#8221; as the \u2064reason for its Chapter 11 filing, which \u200bfollowed \u2062significant job cuts and debt restructuring earlier this year.<\/p>\n<p>This bankruptcy \u2064declaration is a major blow\u2063 to Biden&#8217;s favored green \u2064energy \u200dcompany. In April 2021, \u2064Biden participated in a virtual tour of a\u200c Proterra facility to promote his $1.9 trillion infrastructure plan, which included substantial\u2062 funding to \u200dboost the electric bus industry. During \u2062the event, Biden expressed his confidence in Proterra, stating\u2063 that they\u2063 were &#8220;getting us in the game&#8221; and predicting their success in \u200bshaping the future of electric vehicles. He continued to\u200d praise \u200dProterra in a speech in March 2022 and appointed Proterra\u200c CEO\u200d Gareth Joyce \u200bto serve on the President&#8217;s Export Council in February 2023. Granholm&#8217;s ownership of 240,000 shares in the company \u200cat the start of\u2062 her <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-said-ev-maker-proterra-was-getting-us-in-the-game-it-just-declared-bankruptcy\/\" title=\"Biden praised Proterra, but it filed for bankruptcy.\">tenure \u2063raised ethical concerns<\/a>.<\/p>\n<p>While Proterra&#8217;s \u200dshares plummeted by over 60 percent in after-hours trading on Monday, Granholm managed to sell her shares for $1.6\u200c million in May 2021, shortly after Biden publicly endorsed the company. Based on Proterra&#8217;s\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/these-democratic-megadonors-made-a-108-million-lucky-bet-on-wall-street-now-the-feds-are-investigating\/\" title=\"These Democratic Megadonors Made a 8 Million \u2018Lucky Bet\u2019 on Wall Street. Now the Feds Are Investigating.\">current share price<\/a>, her shares would now\u2062 be valued at \u200bjust $340,000.<\/p>\n<p>Biden&#8217;s unwavering support for Proterra, coupled with Granholm&#8217;s \u2064financial\u200b stake\u200b in the \u200dcompany, has drawn \u200dcomparisons to the Solyndra scandal. \u2063Solyndra, a solar panel\u2062 manufacturer, went bankrupt \u2063after receiving a\u2062 $535 million \u200bloan guarantee as part of the\u200c 2009 Obama-Biden stimulus package. \u200cPresident Obama had praised Solyndra\u2063 during a \u200dtour of its facility in 2010, only for the company to shut down in 2011.<\/p>\n<p>&#8220;President Biden&#8217;s decision to heavily promote \u2064a\u2063 business where his <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/worse-than-solyndra-republicans-press-for-information-on-biden-admins-favorite-electric-battery-company\/\" title=\"\u2018Worse than Solyndra\u2019: Republicans Press for Information on Biden Admin\u2019s Favorite Electric Battery Company\">energy secretary holds<\/a> a multimillion-dollar stake has all the\u200b potential \u200cto\u2063 be even \u200cworse than \u2062Solyndra,&#8221;\u2062 said Senator Ted Cruz (R., \u2062Texas). \u200b&#8221;President Biden and Secretary Granholm\u2062 should immediately\u200b remove themselves from their glaring conflict \u2064of interest.&#8221;<\/p>\n<p>Proterra stood to benefit significantly from Biden&#8217;s \u2063infrastructure and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-top-energy-regulator-previously-lobbied-for-offshore-wind-farm-approved-by-administration\/\" title=\"Biden's Top Energy Regulator Previously Lobbied for Offshore Wind Farm Approved by Administration\">green energy initiatives<\/a>,\u200c which\u2062 included billions of dollars in spending on electric buses alone.\u200d The Inflation\u200b Reduction Act, Biden&#8217;s flagship climate bill, also allocated funds \u2064to help \u200ccities transition\u200c from diesel\u200b buses to electric \u2063buses, \u2063providing a \u2062major incentive for companies like Proterra.<\/p>\n<p>JoAnn Covington, Proterra&#8217;s\u200b <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/top-democrat-senator-urges-biden-to-reverse-on-keystone-pipeline-14-ags-threaten-legal-action\/\" title=\"Top Democrat Senator Urges Biden To Reverse On Keystone Pipeline, 14 AGs Threaten Legal Action\">chief legal officer<\/a>, acknowledged\u200d last year that \u2064tax credits and federal grants under Biden&#8217;s bills were crucial for \u2063the company. These grants would accelerate the adoption \u2063of\u2064 battery-electric\u200b and zero-emissions vehicles in various commercial sectors.<\/p>\n<p>However, many Proterra customers had negative\u2064 experiences \u2063with the\u200b company&#8217;s buses. For example, a \u2063Michigan\u200c school district that invested heavily in Proterra buses reported \u2062numerous performance issues and significant\u200c downtime. Similar challenges \u200dwere \u2063faced\u2062 by\u2064 school districts in other\u200d states, making it\u200b a challenging \u200dexperience for the school bus market.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Biden praised a green energy company while his Energy Secretary, Jennifer Granholm, owned significant stock in it. The company&#8217;s top executive also secured a position on a White House board.<\/p>\n","protected":false},"author":155,"featured_media":1994167,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-1994166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1994166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/155"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1994166"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1994166\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1994167"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1994166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1994166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1994166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}