{"id":2024922,"date":"2023-09-07T17:01:02","date_gmt":"2023-09-07T21:01:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/philly-bet-big-on-bidens-favorite-electric-bus-company-now-it-stands-to-lose-millions\/"},"modified":"2023-09-07T17:03:16","modified_gmt":"2023-09-07T21:03:16","slug":"philly-bet-big-on-bidens-favorite-electric-bus-company-now-it-stands-to-lose-millions","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/philly-bet-big-on-bidens-favorite-electric-bus-company-now-it-stands-to-lose-millions\/","title":{"rendered":"Philly&#8217;s Big Bet on Biden&#8217;s Fave Electric Bus Firm Could Cost Millions."},"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\">24<\/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%2Fphilly-bet-big-on-bidens-favorite-electric-bus-company-now-it-stands-to-lose-millions%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=2024922&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-backed Proterra canceled repair negotiations with city&#8217;s transportation \u200dagency following bankruptcy<\/h2>\n<\/blockquote>\n<figure><figcaption>A Proterra bus<\/figcaption><\/figure>\n<\/div>\n<div>\n<p>Philadelphia&#8217;s public transportation authority could\u2063 lose the $24 million it spent to acquire a fleet of Proterra electric \u2063buses after\u200d the Biden-backed green \u200benergy company declared \u2064bankruptcy.<\/p>\n<p>The Southeastern Pennsylvania Transportation Authority\u2064 (SEPTA), which manages \u2063Philadelphia&#8217;s\u2062 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/homeland-security-authorizes-tsa-to-enforce-joe-biden-mask-mandate\/\" title=\"Homeland Security Authorizes TSA to Enforce Joe Biden Mask Mandate\">public transportation system<\/a>, in 2016 purchased 25 Proterra electric buses for nearly $1\u2063 million each. The fleet faced\u200b an array\u2062 of issues\u2014one even <a href=\"https:\/\/archive.ph\/3ItIQ\" target=\"_blank\" rel=\"noopener\">burst\u2063 into flames<\/a> last year\u2014prompting SEPTA to sideline the buses and negotiate with Proterra\u200b to repair them. But after\u200b Proterra declared bankruptcy in August, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-oversight-committee-investigating-granholms-green-energy-investments\/\" title=\"House Oversight Committee Investigating Granholm\u2019s Green Energy Investments\">green energy company<\/a> <a href=\"https:\/\/archive.ph\/nUObZ\" target=\"_blank\" rel=\"noopener\">abruptly canceled<\/a> the repair negotiations, SEPTA\u200d told the <em>Philadelphia Inquirer<\/em>. As a\u200d result, SEPTA does not know when the buses will be back on Philadelphia&#8217;s streets, and it could \u200dlose the $24 million it spent \u2064on the buses.<\/p>\n<p>The ordeal comes as an embarrassment \u2063to President\u200c Joe Biden, whose administration repeatedly promoted Proterra, even\u200b as Energy Secretary\u200b Jennifer Granholm <a href=\"https:\/\/freebeacon.com\/biden-administration\/biden-energy-pick-set-to-make-millions-from-prominent-energy-company\/\" target=\"_blank\" rel=\"noopener\">held<\/a> \u200b 240,000 shares in the company. Biden took part in an April 2021 virtual tour of a Proterra facility, <a href=\"https:\/\/www.youtube.com\/watch?v=x-lCHaPSW7s&#038;t=906s\" target=\"_blank\" rel=\"noopener\">saying<\/a> during the event that the company was &#8220;getting us in \u2062the game.&#8221; Biden,\u200d whose $1.<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/philly-bet-big-on-bidens-favorite-electric-bus-company-now-it-stands-to-lose-millions\/\" title=\"Philly's Big Bet on Biden's Fave Electric Bus Firm Could Cost Millions.\">9 trillion infrastructure plan \u2063included billions<\/a> to boost the\u2062 <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.\">electric bus industry<\/a>, later \u200cpraised Proterra during a March 2022 <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/03\/04\/remarks-by-president-biden-on-delivering-on-made-in-america-commitments\/\" target=\"_blank\" rel=\"noopener\">speech<\/a>. In February, the Democrat appointed Proterra CEO Gareth Joyce to serve on the \u2063President&#8217;s\u200c Export Council.<\/p>\n<p>Biden&#8217;s\u200c Proterra \u2062promotions, however, \u2062were not enough to save the green energy company. Proterra in an August Chapter 11 \u2062filing <a href=\"https:\/\/freebeacon.com\/energy\/biden-said-ev-maker-proterra-was-getting-us-in-the-game-it-just-declared-bankruptcy\/\" target=\"_blank\" rel=\"noopener\">cited<\/a> &#8220;various market \u200band macroeconomic headwinds&#8221; \u2064that led to \u2063its bankruptcy. Proterra shares\u200d tumbled more than 60 \u200dpercent after the filing, \u2062though the freefall did not hurt Granholm.\u2063 The Biden \u200cappointee <a href=\"https:\/\/freebeacon.com\/biden-administration\/granholms-green-energy-millions\/\" target=\"_blank\" rel=\"noopener\">sold<\/a> her shares for $1.6 million in \u200bMay\u2063 2021, just \u2064weeks after Biden touted\u200b the company. Granholm&#8217;s stake would have yielded just\u200b $340,000 if the former Michigan governor sold her shares in \u2063the aftermath of Proterra&#8217;s bankruptcy filing.<\/p>\n<p>While Proterra&#8217;s bankruptcy did not \u2062hurt Granholm, it is hurting Philadelphia. The city has not been able to use its Proterra buses since\u200c 2020, and now, its fleet may never return to the city&#8217;s streets.<\/p>\n<p>&#8220;At this point we don&#8217;t know what the path forward would be and what SEPTA&#8217;s remedies are, and we can&#8217;t say when the\u2062 buses would come back\u200d into service,&#8221; SEPTA spokesman Andrew \u2064Busch \u2064told the <em>Inquirer<\/em>.<\/p>\n<p>Proterra, which did\u200c not return a request for comment, is far from the \u200donly Democrat-backed green energy \u200ccompany to flounder financially this summer. Danish offshore wind giant Orsted\u2064 <a href=\"https:\/\/freebeacon.com\/energy\/democrats-wind-farms-projects-scrapped\/\" target=\"_blank\" rel=\"noopener\">announced<\/a> last week that it&#8217;s facing\u200d supply \u2063chain problems and other issues that could cause it to take \u200ca\u200b $2.3 billion\u2062 hit to its\u200b U.S. portfolio. Orsted&#8217;s chief executive said the company could &#8220;walk away from\u2064 projects&#8221; in the \u200cUnited States as a\u2062 result, even \u200dafter\u2064 Democrats in New\u2062 Jersey and Connecticut showered Orsted\u200c with hundreds of millions \u2062of dollars in\u2064 public funds to incentivize the company to \u200cbuild offshore wind farms \u200cin their waters.<\/p>\n<p>For consulting firm\u200c Wood Mackenzie, \u2062other \u200b<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-proves-he-learned-nothing-from-obamas-green-failure\/\" title=\"Biden Proves He Learned Nothing From Obama\u2019s Green Failure\">green energy companies<\/a> will soon suffer similar\u200c financial \u200bfates.<\/p>\n<p>&#8220;This will not be the \u200dlast that we will see this \u200cyear,&#8221; the firm&#8217;s head\u2062 of \u2062offshore wind, Soeren\u2063 Lassen,\u200d <a href=\"https:\/\/www.nytimes.com\/2023\/08\/30\/business\/orsted-write-down-wind-power.html\" target=\"_blank\" rel=\"noopener\">told<\/a> \u2063the\u2062 <em>New York Times<\/em> in August.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Biden-supported Proterra ceased repair talks with the city&#8217;s transportation agency after going bankrupt. Philadelphia&#8217;s public transportation authority risks losing $24 million spent on Proterra electric buses. The Southeastern Pennsylvania Transportation Authority (SEPTA), responsible for managing the city&#8217;s transit system, faces potential losses from the 2016 deal.<\/p>\n","protected":false},"author":2020,"featured_media":2024923,"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-2024922","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\/2024922","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\/2020"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2024922"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2024922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2024923"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2024922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2024922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2024922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}