Proterra, a company that manufactures electric vehicles (EV) and was frequently praised by President Joe Biden, declared bankruptcy after "several macroeconomic and market obstacles."
While the president is around the country trying to promote his green agenda, the famous company that touts itself as the pioneer in zero-CO2-emissions transportation announced that it filed an application for Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware. According to Proterra, it intends to "strengthen its financial position through a recapitalization or going-concern sale."
The green energy company stated that, although its products have great potential, the economy led to their collapse. "While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously."
"As commercial vehicles accelerate towards electrification, we look forward to sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders," said Gareth Joyce, CEO of Proterra.
Green energy company Biden hosted at White House files for bankruptcy https://t.co/rQvRp0LigE
— Fox News Politics (@foxnewspolitics) August 8, 2023
Biden and Proterra
Since becoming president, Joe Biden has repeatedly praised the electric vehicle company and even organized a virtual event at the White House to highlight the virtues of the business.
The president touted Proterra as a successful company and mentioned it in several speeches as an example. Biden had a goal that all buses manufactured in the country would be zero-emissions by 2030.
Secretary of Energy and its participation in Proterra
Jennifer Granholm, the Secretary of Energy, served on the board of directors of Proterra before her confirmation to head the Department of Energy and held shares of the company for months after her confirmation.
