Green energy company Biden hosted at White House files for bankruptcy
- August 8, 2023
Proterra, the electric bus company repeatedly celebrated by President Biden, filed for bankruptcy Monday, blaming various market “headwinds” for its financial struggles.
The California-based company filed a voluntary Chapter 11 reorganization under the U.S. Bankruptcy Code in the District of Delaware to “strengthen its financial position.” Proterra said it would continue to operate its business as normal – including paying employee salaries and benefits, and compensating vendors and suppliers – during the process.
Proterra, meanwhile, has been boosted by the Biden administration on multiple occasions since it took office in January 2021.
In addition, Energy Secretary Jennifer Granholm has faced widespread criticism for her ownership stake in Proterra.
Granholm had served on Proterra’s board before her confirmation to lead the Department of Energy and continued holding shares of the company 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