{"id":273217,"date":"2023-08-13T13:24:23","date_gmt":"2023-08-13T11:24:23","guid":{"rendered":"https:\/\/climatescience.press\/?p=273217"},"modified":"2023-08-13T13:24:25","modified_gmt":"2023-08-13T11:24:25","slug":"biden-backed-electric-vehicle-company-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=273217","title":{"rendered":"Biden-backed electric vehicle company files for\u00a0bankruptcy"},"content":{"rendered":"\n
\"\"
Proterra ZX5 battery-electric bus<\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

From NOT A LOT OF PEOPLE KNOW THAT<\/a><\/p>\n\n\n\n

By Paul Homewood<\/p>\n\n\n\n

Another Solyndra!<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

President Biden frequently extolled an electric vehicle company \u2014 in which his energy secretary heavily invested \u2014 before it\u00a0<\/strong><\/em>declared bankruptcy<\/strong><\/em><\/a>\u00a0on Monday.<\/strong><\/em><\/p>\n\n\n\n

Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing \u201cvarious market and macroeconomic headwinds that have impacted our ability to efficiently scale.\u201d<\/strong><\/em><\/p>\n\n\n\n

The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 \u2014 but closed with a market value of $362 million,\u00a0<\/em>according to Reuters<\/em><\/a>.<\/em><\/p>\n\n\n\n

In 2021, the president pledged more than\u00a0<\/em>$10 billion<\/em><\/a>\u00a0from his $1.9 trillion bipartisan infrastructure plan toward zero-emission transit and school bus programs.<\/em><\/p>\n\n\n\n

He has promoted Proterra\u00a0<\/em>several times<\/em><\/a>\u00a0since taking office, and once virtually toured a facility.<\/em><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Energy Secretary Jennifer Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so.\u201c<\/strong><\/em><\/p>\n\n\n\n

\u201cRight now we\u2019re running way behind China, but you guys are getting us in the game,\u201d Biden\u00a0<\/em>said<\/em><\/a>\u00a0in April 2021. \u201cWe\u2019re going to end up owning the future, I think, if we keep doing what we\u2019re doing.\u201d<\/em><\/p>\n\n\n\n

At the time of the tour, Energy Secretary Jennifer Granholm held\u00a0<\/em>between $1 million and $5 million in stock<\/em><\/a>\u00a0of the electric vehicle company, The Washington Free Beacon\u00a0<\/em>reported<\/em><\/a>, prompting ethics concerns and calls for her divestment.<\/em><\/p>\n\n\n\n

Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so. She served on Proterra\u2019s board from February 2017 until just before her Senate confirmation hearing in January 2021.<\/em><\/p>\n\n\n\n

Philadelphia purchased a fleet of Proterra buses in 2019 that had to be taken out of service in February of the following year due to defects, the local National Public Radio affiliate\u00a0<\/em>reported<\/em><\/a>.<\/em><\/p>\n\n\n\n

According to WHYY, sources familiar with the situation blamed a defect in the buses\u2019 plastic chassis that led to cracking.<\/em><\/p>\n\n\n\n

https:\/\/nypost.com\/2023\/08\/08\/biden-backed-electric-vehicle-company-files-for-bankruptcy\/<\/a><\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 \u2014 but closed with a market value of $362 million,\u00a0according to Reuters.<\/p>\n","protected":false},"author":121246920,"featured_media":273224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691820696],"class_list":["post-273217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-electric-vehicle","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/0Proterra-ZX5-battery-electric-bus-s02.jpg?fit=1920%2C841&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-194J","jetpack-related-posts":[{"id":293880,"url":"https:\/\/climatescience.press\/?p=293880","url_meta":{"origin":273217,"position":0},"title":"Nobody wants a glorified golf cart","author":"uwe.roland.gross","date":"01\/05\/2024","format":false,"excerpt":"President Biden in 2021\u00a0drove\u00a0a Ford F-150 Lightning and expressed his desire to electrify the White House\u2019s fleet of vehicles, including the armored presidential limo known as \u201cthe Beast.\u201d","rel":"","context":"In \"electric vehicles (EVs)\"","block_context":{"text":"electric vehicles (EVs)","link":"https:\/\/climatescience.press\/?tag=electric-vehicles-evs"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/01\/image-90.png?fit=1200%2C797&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/01\/image-90.png?fit=1200%2C797&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/01\/image-90.png?fit=1200%2C797&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/01\/image-90.png?fit=1200%2C797&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/01\/image-90.png?fit=1200%2C797&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":289228,"url":"https:\/\/climatescience.press\/?p=289228","url_meta":{"origin":273217,"position":1},"title":"Biden\u2019s EV Boondoggle Enriches\u00a0Himself","author":"uwe.roland.gross","date":"11\/29\/2023","format":false,"excerpt":"green plant leaves growing on coin stacking money saving business finance success wealth investment budget concept. stack coin on wood table with green blur background. From Science Matters By\u00a0Ron Clutz The Greenest thing about the New Green Deal is the Money. 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