Democrat-Connected Electric Bus Company Touted By Biden Regime Files for Bankruptcy
- August 8, 2023
Proterra, the Democrat-connected electric bus manufacturer heavily promoted by the Biden Whitehouse and funded by taxpayers, filed for bankruptcy Monday, much like several green energy boondoggles did during the Obama era.
The California-based company reportedly filed a voluntary Chapter 11 reorganization under the U.S. Bankruptcy Code to “strengthen its financial position” and said it would continue to operate its business as normal during the process. According to Fox News, Proterra blamed various market “headwinds” for its financial struggles.
Proterra was backed by major campaign donors like John Doerr, Chairman of venture capital firm Kleiner Perkins, and Energy Secretary Jennifer Granholm, who served on Proterra’s board for nearly four years and continued holding $5 million in Proterra stock for months after her confirmation.
“While we are pleased that Secretary Granholm has eventually done the right thing and divested herself from Proterra, many questions remain unanswered,” Michael Chamberlain, the director of Protect the Public’s Trust, said in May 2021 after Granholm sold her shares.
“While Secretary Granholm no longer owns the stock, the American public still deserves answers to why this perceived conflict lasted as long as it did.”