Green energy company Biden hosted at White House files for bankruptcy

 

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.

 

"The foundation we have built has set the stage for decarbonization across the commercial vehicle industry as a whole, and we recognize the great potential in all of our product offerings to enable this important transformation," Proterra CEO Gareth Joyce said in a statement. "This is why we are taking action to separate each product line through the Chapter 11 reorganization process to maximize their independent potential."

 

Kamala and Biden’s golden boy just filed for bankruptcy. Taxpayers were funding Proterra, America’s biggest electric bus company, and now the money’s missing. The whole thing was a political pump and dump scheme and top Democrats were all involved. pic.twitter.com/ZPzTgDMn2S

— Jesse Watters (@JesseBWatters) August 9, 2023

 

The company confirmed the Chapter 11 bankruptcy in a 8-K filing with the Securities and Exchange Commission late Monday.

 

Proterra, meanwhile, has been boosted by the Biden administration on multiple occasions since it took office in January 2021.

 

On April 20, 2021, Biden hosted a virtual White House event to spotlight Proterra's business. During the event, Proterra executives took the president on a virtual tour of the company's South Carolina manufacturing facility where its buses are assembled.

 

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"I want you all to know I used to be a bus driver," Biden remarked at the conclusion of the event. "You think I'm kidding, I'm not. I worked my way through law school driving a school bus."

 

 

 

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