Proterra, an electric bus company that received heavy backing from President Joe Biden’s administration, filed for bankruptcy on Monday.
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Proterra was founded in 2004 and, according to Canary Media, had
raised “about $682 million in venture capital from investors including Daimler, Generation Investment Management, Kleiner Perkins, Tao Capital Partners, Soros Fund Management, Cowen Sustainable Advisors and GM Ventures to build electric buses that gained a foothold in early North American deployments.”
Biden has heavily promoted Proterra throughout his presidency, at one point saying the company would help America own “the future” if it kept on track.
Energy Secretary Jennifer Granholm is the subject of an ethics complaint for promoting a Burlingame, California-based electric bus company of which she sat on the board and held 240,520 shares of stock which garnered her $1.6 million when she finally divested them 157 days after her nomination.
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