Posted on 08/08/2023 6:06:47 AM PDT by Red Badger
Proterra, the electric bus company at the center of an apparent conflict of interest involving Energy Secretary Jennifer Granholm, has filed for bankruptcy, Reuters reported Monday evening.
Granholm drew immense scrutiny when it was revealed that she maintained her financial positions in the firm, for which she used to sit on the board of directors, after she assumed her post as the leader of the Department of Energy (DOE) and began to direct policies which could have favored her own financial interests. Granholm eventually closed her position in the firm late in May 2021, and netted capital gains amounting to about $1.6 million.
Granholm did not sell her shares in the company until after the House Oversight Committee opened an investigation into the apparent conflict of interest earlier in May of 2021. Additionally, Granholm is alleged to have violated the STOCK Act nine times in 2021, a fact which a DOE spokesperson said at the time was attributable to “an inadvertent clerical oversight.”
Proterra filed for Chapter 11 bankruptcy, which means that the company can stay in business while it restructures its obligations, according to a Monday press release announcing the news. The bankruptcy filing marks a fall from grace for the electric bus and battery producer, which had received a $1.6 billion valuation in a January 2021 merger with another firm, according to Reuters.
“The company intends to continue to operate in the ordinary course of business as it moves through this process and plans to file the customary motions with the Bankruptcy Court to use existing capital to fund operations, including paying employee salaries and benefits, and compensating vendors and suppliers on a go-forward basis in accordance with Chapter 11 rules, all while ensuring business continuity for customers,” the press release reads. “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,” said Gareth Joyce, the company’s CEO, according to the press release.
The DOE did not respond immediately to a request for comment.
Another Swamp grifter dances out the door with a wad of cash...
C’mon man—why she knows as much about energy as Hunter Biden.
I get the feeling some of these “green energy” companies are created just to transfer money from the tax-payers to certain favored groups or politicians. Then, when someone starts shining the spotlight on the business’s viability or practices the company suddenly goes belly-up and files bankruptcy. Then later the same players pop up again in another such venture and the entire process plays out once more.
Much like Obama’s Solyndra.
Reminds me of Obama and his $500+ “loan” to Solyndra in 2009 and they went belly up in 2011.
I wonder IF this is the company that the city of Boston bought a bunch of electric buses from. When mayor Wu was elected a couple years ago the city bought a bunch of electric buses. I only think that they have delivered a few.
STILL-—The best “INVESTMENT” is Hillary’s $1000 in “Cattle Futures” on Monday and a $100,000 payoff 5 days later on Friday———
Isn’t it amazing AND DISGUSTING that these are “Ho Hum” revelations from DC agency heads? Talk about DEPLORABLE!!!!
Solyndra is never mentioned today and it should be a shouted question at Biden anytime/every time he shows his face! As well to EVERY other democrat!!!
Heaven forbid, but can you imagine if an electric bus full of people malfunctions and catches on fire and folks can’t get out? Zowie! Gas fires are bad enough, but fires caused are downright nasty.
....as I believe Hillary Clinton once said, nothing will come of this........these people lie, cheat and scheme and nothing ever happens to them....I believe I read somewhere else that Granholm secretly had contacts with her Chinese masters before our own strategic oil reserves were depleted again...
You’d think electric city buses, like local delivery vehicles, would be a good use of the battery-based power train.
The article doesn’t say why the company failed. Must be because bus buyers saw them as more expensive over their lifetime than diesel-powered alternatives.
Amazon is supposed to be converting to electric delivery vehicles. Has anyone seen one yet?
Nope.
Nor the Post Office.
Or UPS.
Or FedEx.
Or DHL.
Or Old Dominion...............................
Pay your self huge salary
Sub contact to another Corp you own also
Gut the equity
Stash the cash
Declare bankruptcy
/\
Grab your grifter trophy
Rinse and repeat
Toooooo Heavy for bridges ?
Obama said Solyndra was the "future." He was correct. A bankrupt-laden future.
And the grift goes on.
Jennifer Granholm = Kumalot Harris
Bats all over the place
“Nope.”
Good information. This should be an embarrassment to the EV boosters.
Granholm is corrupt and stupid.
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