{"id":524382,"date":"2021-05-19T05:05:49","date_gmt":"2021-05-19T09:05:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=524382"},"modified":"2021-05-19T05:05:51","modified_gmt":"2021-05-19T09:05:51","slug":"after-fisker-automotives-lost-taxpayers-tens-of-millions-top-investors-turn-to-proterra","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/after-fisker-automotives-lost-taxpayers-tens-of-millions-top-investors-turn-to-proterra\/","title":{"rendered":"After Fisker Automotives Lost Taxpayers Tens of Millions, Top Investors Turn to Proterra"},"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\">26<\/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%2Fafter-fisker-automotives-lost-taxpayers-tens-of-millions-top-investors-turn-to-proterra%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=524382&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--><p><span>A prominent player behind an Obama-era electric car investment that lost taxpayers $139 million is a top investor in Proterra, the politically connected electric bus manufacturer repeatedly promoted by the Biden administration.<\/span><\/p>\n<p><span>Venture capital behemoth Kleiner Perkins\u2014led by chairman John Doerr\u2014will hold up to 9.3 percent of Proterra shares once the company goes public in a $1.6 billion merger, according to SEC documents. President Joe Biden has <\/span><a href=\"https:\/\/freebeacon.com\/biden-administration\/biden-to-showcase-energy-secs-former-company-at-infrastructure-event\/\"><span>publicized<\/span><\/a><span> the company on <\/span><a href=\"https:\/\/freebeacon.com\/biden-administration\/dem-megadonors-officials-financially-tied-to-electric-bus-company-boosted-by-biden\/\"><span>multiple occasions<\/span><\/a><span> following the merger announcement, going as far as touring a Proterra factory to tout his proposed $45 billion government investment in &#8220;clean, zero-emissions buses.&#8221;<\/span><\/p>\n<p><span>Doerr&#8217;s involvement in a green energy company favored by Biden is nothing new.\u00a0<\/span><\/p>\n<p><span>The billionaire investor in 2009 landed a spot on former president Barack Obama&#8217;s economic advisory board after donating thousands to the Democrat&#8217;s campaign. Just months later, the administration approved a $529 million government loan to Fisker Automotive, an electric car manufacturer that considered Doerr&#8217;s firm a &#8220;significant investor.&#8221; Then-vice president Biden <\/span><a href=\"https:\/\/www.energy.gov\/articles\/vice-president-biden-announces-reopening-former-gm-boxwood-plant\"><span>announced<\/span><\/a><span> Fisker&#8217;s plan to build cars in his home state of Delaware, promising a resurgence of &#8220;American manufacturing.&#8221; The company went on to produce its vehicles in Finland and declared bankruptcy within years of receiving the taxpayer funds.\u00a0<\/span><\/p>\n<p><span>Nearly a decade after Fisker&#8217;s taxpayer-funded failure, Biden is again heaping praise on green technology companies backed by major campaign donors and administration officials. In addition to Doerr\u2014who <\/span><a href=\"https:\/\/joebiden.com\/asmfr200830jkl\/\"><span>steered<\/span><\/a><span> at least $100,000 to Biden&#8217;s campaign\u2014three hedge fund partners who <\/span><a href=\"https:\/\/freebeacon.com\/biden-administration\/easy-being-green-bidens-clean-energy-fundraisers-reap-white-house-rewards\/\"><span>helped raise millions<\/span><\/a><span> for Biden hold major financial stakes in Proterra. Energy Secretary Jennifer Granholm also holds up to $5 million in Proterra stock and served on the company&#8217;s board for nearly four years.<\/span><\/p>\n<p><span>Biden&#8217;s overt promotion of Proterra has already drawn parallels to the Obama administration&#8217;s green energy investment snafus. Sen. Ted Cruz (R., Texas) <\/span><a href=\"https:\/\/freebeacon.com\/biden-administration\/worse-than-solyndra-republicans-press-for-information-on-biden-admins-favorite-electric-battery-company\/\"><span>said<\/span><\/a><span>\u00a0Biden&#8217;s decision to &#8220;heavily promote a business where his energy secretary holds a multimillion-dollar stake&#8221; could be &#8220;even worse than Solyndra.&#8221; The solar panel company, much like Fisker, went bankrupt after receiving a $535 million loan from the Obama administration. Biden <\/span><a href=\"https:\/\/obamawhitehouse.archives.gov\/the-press-office\/vice-president-biden-announces-finalized-535-million-loan-guarantee-solyndra\"><span>unveiled<\/span><\/a><span> the loan during a 2009 speech, promising that the &#8220;unprecedented investment&#8221; would lay the &#8220;foundation for long-term growth in the 21st-century economy.&#8221;<\/span><\/p>\n<p><span>Neither the White House nor Kleiner Perkins returned requests for comment.<\/span><\/p>\n<p><span>Doerr&#8217;s political influence in the Obama administration went far beyond his role on the economic council. According to a 2013 House Oversight Committee hearing, Doerr positioned himself as an &#8220;outside adviser&#8221; to Obama on the administration&#8217;s &#8220;green energy spending strategy.&#8221; He also &#8220;talked regularly&#8221; with Jonathan Silver, who led the Obama Department of Energy&#8217;s loan program office. The pair held a meeting in May 2011, shortly before the department quietly froze Fisker&#8217;s loan due to the company&#8217;s failure to meet government benchmarks. Around the time of the freeze, Doerr emailed Silver to ask if the administration official could &#8220;suggest a time to talk.&#8221;<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-large wp-image-1477068\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-18-at-4.21.43-PM-1024x588-1.png\" alt width=\"1024\" height=\"588\" srcset=\"https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-18-at-4.21.43-PM-1024x588.png 1024w, https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-18-at-4.21.43-PM-300x172.png 300w, https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-18-at-4.21.43-PM-768x441.png 768w, https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-18-at-4.21.43-PM-1400x803.png 1400w, https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-18-at-4.21.43-PM-736x422.png 736w, https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-18-at-4.21.43-PM.png 1488w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"  style=\"display:none\"><\/p>\n<p><span>Fisker&#8217;s subsequent 2013 bankruptcy filing revealed a long list of politically connected creditors\u2014including Hunter Biden. While it is unclear if the president&#8217;s son invested in Fisker or merely made a deposit on a car he did not receive, Hunter&#8217;s business partners\u2014Christopher Heinz and Devon Archer\u2014held stakes in Fisker through multiple investment firms.\u00a0<\/span><\/p>\n<p><span>The list of creditors also included former vice president Al Gore, who has served as a partner at Kleiner Perkins since 2007. Gore has since <\/span><a href=\"https:\/\/www.climaterealityproject.org\/press\/statement-former-vice-president-al-gore-us-nationally-determined-contribution\"><span>praised<\/span><\/a><span> Biden&#8217;s pledge to cut carbon emissions, and his climate-focused nonprofit\u2014the Climate Reality Project\u2014is <\/span><a href=\"https:\/\/www.climaterealityproject.org\/press\/ken-berlin-president-and-ceo-climate-reality-project-american-jobs-plan-now-time-act\"><span>urging<\/span><\/a><span> Congress to &#8220;build upon&#8221; Biden&#8217;s &#8220;investments in green infrastructure.&#8221;<\/span><\/p>\n<p><span>Granholm also has a history of diverting taxpayer funds to failed energy companies. As governor of Michigan, she sent $10 million to A123 Systems, an electric battery manufacturer that supplied Fisker and received nearly $250 million from the Obama administration. A123 Systems declared bankruptcy in 2012 and was sold to Wanxiang, a Chinese firm that also purchased Fisker following its bankruptcy proceedings.<\/span><\/p>\n<p><span>In addition to Proterra, the Biden administration in April promoted Evgo, an electric charging station company whose chief commercial officer <\/span><a href=\"https:\/\/freebeacon.com\/biden-administration\/easy-being-green-bidens-clean-energy-fundraisers-reap-white-house-rewards\/\"><span>served<\/span><\/a><span> on a fundraising group that supported the president&#8217;s campaign. Biden&#8217;s proposed infrastructure package includes $15 billion to build 500,000 charging stations across the country.<\/span><\/p>\n<p><span>Proterra is in the &#8220;final stages&#8221; of going public and will meet with its partner company\u2014ArcLight Clean Transition Corp.\u2014in June to finalize the deal, according to a Friday <\/span><a href=\"https:\/\/www.streetinsider.com\/PRNewswire\/ArcLight+Clean+Transition+Corp.+Announces+Registration+Statement+in+Connection+with+its+Proposed+Business+Combination+with+Proterra+Inc+has+been+Declared+Effective+and+Sets+June+11%2C+2021+as+the+Meetin\/18425699.html\"><span>press release<\/span><\/a><span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A prominent player behind an Obama-era electric car investment that lost taxpayers $139 million is a top investor in Proterra, the politically connected electric bus manufacturer repeatedly promoted by the &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2278518,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-18-at-4.21.43-PM-1024x588-1.png","fifu_image_alt":"After Fisker Automotives Lost Taxpayers Tens of Millions, Top Investors Turn to Proterra","footnotes":""},"categories":[],"tags":[],"class_list":["post-524382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-18-at-4.21.43-PM-1024x588-1.png","fifu_image_alt":"After Fisker Automotives Lost Taxpayers Tens of Millions, Top Investors Turn to Proterra","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/524382","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=524382"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/524382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2278518"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=524382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=524382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=524382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}