{"id":639641,"date":"2021-08-13T05:06:31","date_gmt":"2021-08-13T09:06:31","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=639641"},"modified":"2021-08-13T05:06:32","modified_gmt":"2021-08-13T09:06:32","slug":"proterra-prepares-to-cash-in-on-democrat-spending-blitz","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/proterra-prepares-to-cash-in-on-democrat-spending-blitz\/","title":{"rendered":"Proterra Prepares to Cash In on Democrat Spending Blitz"},"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\">18<\/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%2Fproterra-prepares-to-cash-in-on-democrat-spending-blitz%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=639641&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><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/Screen-Shot-2021-07-22-at-4.47.55-PM_736x514.png\" class=\"ff-og-image-inserted\" \/><\/div>\n<p dir=\"ltr\">Electric bus manufacturer Proterra showcased the billions of dollars the infrastructure bill sends to its industry to shareholders during its first earnings call as a publicly traded company.<\/p>\n<p dir=\"ltr\">The politically connected battery company, which as recently as this May counted Energy Secretary Jennifer Granholm as <a href=\"https:\/\/freebeacon.com\/biden-administration\/granholms-green-energy-millions\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/freebeacon.com\/biden-administration\/granholms-green-energy-millions\/&amp;source=gmail&amp;ust=1628886525559000&amp;usg=AFQjCNH1vHhMtXKMGna8WDOBKJqLRSdmnQ\">one of its largest investors<\/a>, told shareholders on Wednesday that it plans to &#8220;ride the wave&#8221; of government spending in the electric vehicle sector. The company pointed to up to $5 billion set aside in the bill for new electric school buses, and an additional $4 billion for the Low or No Emission Vehicle Program, which funds the purchase of electric transit vehicles for local governments, which Proterra has benefited from for years.<\/p>\n<p dir=\"ltr\">&#8220;There\u2019s a lot in there that\u2019s positive for electrifying the United States,&#8221; company executives told shareholders on the Wednesday earnings call. In a <a href=\"https:\/\/s27.q4cdn.com\/212581898\/files\/doc_financials\/2021\/q2\/Proterra-Q2-2021-Quarterly-Letter-FINAL.pdf\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/s27.q4cdn.com\/212581898\/files\/doc_financials\/2021\/q2\/Proterra-Q2-2021-Quarterly-Letter-FINAL.pdf&amp;source=gmail&amp;ust=1628886525559000&amp;usg=AFQjCNEeaiKBf-tX5GbIF5V8u9I4qjO1hw\">company report<\/a> provided to investors, Proterra boasted that it has positioned itself to &#8220;play a central role in the electrification&#8221; of commercial vehicles across the country.<\/p>\n<p dir=\"ltr\">&#8220;The tailwinds to the North American electric transit bus market have never been stronger,&#8221; the <a href=\"https:\/\/s27.q4cdn.com\/212581898\/files\/doc_financials\/2021\/q2\/Proterra-Q2-2021-Quarterly-Letter-FINAL.pdf\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/s27.q4cdn.com\/212581898\/files\/doc_financials\/2021\/q2\/Proterra-Q2-2021-Quarterly-Letter-FINAL.pdf&amp;source=gmail&amp;ust=1628886525559000&amp;usg=AFQjCNEeaiKBf-tX5GbIF5V8u9I4qjO1hw\">company report states<\/a>. &#8220;With zero emission transit bus funding increasing by over 300 percent over 2021 funding levels, we expect the Act, if passed by Congress and signed into law, to help drive significant acceleration in the electrification of the more than 65,000 buses in the North American transit bus fleet.&#8221;<\/p>\n<p dir=\"ltr\">Proterra\u2019s first earnings call since becoming a publicly traded company in June fortuitously came just days after the infrastructure bill was approved by the Senate. The Biden administration has signaled for months that Proterra would benefit from the spending proposal, but the details weren\u2019t revealed until this week.<\/p>\n<p dir=\"ltr\">The company has received praise from the highest echelons of the Biden administration, and that continued on Wednesday. Just hours before Proterra\u2019s earnings call, it scored a valuable shoutout from its most prominent supporter\u2014President Joe Biden, who <a href=\"https:\/\/youtu.be\/7aJY5k9K9y8?t=19\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/youtu.be\/7aJY5k9K9y8?t%3D19&amp;source=gmail&amp;ust=1628886525559000&amp;usg=AFQjCNG6F8tP85RZZRv54R6E87xWauHNSQ\">called<\/a> the company\u2019s work &#8220;phenomenal&#8221; while promoting the infrastructure package.<\/p>\n<p dir=\"ltr\">&#8220;I was in Carolina looking at a factory where they\u2019re making not only school buses but also regular transit systems that are electric-based,&#8221; the president said in reference to his April tour of a Proterra facility. &#8220;It\u2019s phenomenal what\u2019s going on.&#8221;<\/p>\n<p dir=\"ltr\">The government praise has not buoyed Proterra\u2019s stock, which has fallen roughly 30 percent in the past two months as reports emerge about technological problems in its electric buses. In Philadelphia, the fleet of Proterra transit buses was <a href=\"https:\/\/freebeacon.com\/biden-administration\/report-philadelphias-proterra-fleet-in-complete-shambles\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/freebeacon.com\/biden-administration\/report-philadelphias-proterra-fleet-in-complete-shambles\/&amp;source=gmail&amp;ust=1628886525560000&amp;usg=AFQjCNFh7fLGY4YPfrkzKCdOifr02ntAdQ\">taken off the road<\/a> due to mechanical problems and poor performance of the trademark batteries. In Southern California, one of Proterra\u2019s earliest government partners is considering early retirement for its Proterra buses after <a href=\"https:\/\/freebeacon.com\/biden-administration\/proterra-bus-fire-prompts-california-agency-to-consider-shelving-electric-bus-fleet\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/freebeacon.com\/biden-administration\/proterra-bus-fire-prompts-california-agency-to-consider-shelving-electric-bus-fleet\/&amp;source=gmail&amp;ust=1628886525560000&amp;usg=AFQjCNH_eBaoE8cxsmJwgD8x1QVdUaWU3Q\">one bus lit on fire<\/a>.<\/p>\n<p dir=\"ltr\">When asked by investors on the earnings call about these problems, Proterra executives were dismissive. An executive called the problems plaguing Proterra\u2019s Philadelphia fleet &#8220;cosmetic&#8221; and blamed a hostile media for covering its failures in California.<\/p>\n<p dir=\"ltr\">It remains unclear how much of the billions of dollars set aside for Proterra\u2019s industry will end up in the company\u2019s hands. The infrastructure bill allocates up to $5 billion to purchasing new emissions-free school buses, an industry Proterra dominates. Electric school buses can <a href=\"https:\/\/www.nj.com\/news\/2021\/03\/electric-school-buses-are-expensive-but-these-2-ideas-could-make-getting-them-easier.html\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.nj.com\/news\/2021\/03\/electric-school-buses-are-expensive-but-these-2-ideas-could-make-getting-them-easier.html&amp;source=gmail&amp;ust=1628886525560000&amp;usg=AFQjCNGNloemLoYad95DB2x2_JFqlMem5A\">reportedly<\/a> cost up to $400,000, meaning the investment could pay for roughly 12,500 buses\u2014a small fraction of the <a href=\"http:\/\/www.americanschoolbuscouncil.org\/about\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=http:\/\/www.americanschoolbuscouncil.org\/about\/&amp;source=gmail&amp;ust=1628886525560000&amp;usg=AFQjCNGkrkdRHBcC2R82qNa2Sxef41OLcw\">estimated<\/a> 500,000 school buses used across the United States, according to the American School Bus Council.<\/p>\n<p dir=\"ltr\">The company is also well-positioned to reap the rewards of the $4 billion in funding for the <a href=\"https:\/\/www.transit.dot.gov\/lowno\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.transit.dot.gov\/lowno&amp;source=gmail&amp;ust=1628886525560000&amp;usg=AFQjCNHdeSlUp6AfwAbrHDoamcgdlb3h7g\">low or No Emission Vehicle Program<\/a>, which makes federal funds available to local and state governments that want to buy electric vehicles. In <a href=\"https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-12-at-3.57.00-PM.png\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-12-at-3.57.00-PM.png&amp;source=gmail&amp;ust=1628886525560000&amp;usg=AFQjCNG_P5P2ob0IbAoxKZvkuL2sd7-9NA\">investor materials<\/a>, Proterra says it controls 50 percent of the market for eligible electric battery-powered transit vehicles.<\/p>\n<p dir=\"ltr\">This calculation doesn\u2019t factor in that Proterra buses have been plagued by high-profile delays in arrival. La Crosse, Wis., which <a href=\"https:\/\/www.proterra.com\/press-release\/proterra-applauds-the-recipients-of-fta-low-no-grant-funding-for-zero-emission-battery-electric-buses\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.proterra.com\/press-release\/proterra-applauds-the-recipients-of-fta-low-no-grant-funding-for-zero-emission-battery-electric-buses\/&amp;source=gmail&amp;ust=1628886525560000&amp;usg=AFQjCNG7fyBYWT1oGTVr0nbaeiMb4RchWg\">used federal grants<\/a> to buy two Proterra buses in 2018, for example, <a href=\"https:\/\/freebeacon.com\/biden-administration\/biden-promotes-proterra-on-wisconsin-infrastructure-trip\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/freebeacon.com\/biden-administration\/biden-promotes-proterra-on-wisconsin-infrastructure-trip\/&amp;source=gmail&amp;ust=1628886525560000&amp;usg=AFQjCNF2JMn1LwOMzMLItKQoGAbY6cWLfw\">has yet to receive them<\/a> three years later. On the investor call, Proterra executives dismissed concerns about a bus backlog, saying they prefer to focus on the buses that have actually arrived.<\/p>\n<p dir=\"ltr\">Proterra did not respond to a request for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Electric bus manufacturer Proterra showcased the billions of dollars the infrastructure bill sends to its industry to shareholders during its first earnings call as a publicly traded company. The politically &#8230;<\/p>\n","protected":false},"author":7,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-639641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/639641","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=639641"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/639641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=639641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=639641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=639641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}