By The FirstA ‘Green Energy’ company promoted by the Biden administration filed for bankruptcy this week because of “market headwinds” in the economy.
From Fox News:
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.”
“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,” he added. “As commercial vehicles accelerate toward electrification, we look forward to sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders”