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Here We Go Again: Another Taxpayer-Supported Green Energy Bankruptcy

We hate to say we told you so, but this was so predictable:

Proterra, the California electric bus maker, was the golden child among the companies that will be showered with the $555 billion in green tech subsidies in President Biden’s Build Back Better bill.

Last year, Proterra’s $10 million loan from the Paycheck Protection Program was forgiven by the Biden Administration. In 2021, Biden took a virtual tour of Proterra’s plant, during which he boasted that it and other EV companies would “end up owning the future.” This year, Biden appointed Proterra’s CEO to the President’s Export Council.

You may have heard that Proterra just filed for bankruptcy this week.  Jennifer Graham was a Proterra board member from 2017 to 2021, she sold her shares for $1.6 million in May 2021. Good timing Jennifer. What did you know that taxpayers didn’t?

Maybe she knew about the myriad performance problems with these magic electric buses.

Texas Senator Ted Cruz was prescient in 2021 when he warned just after Biden’s virtual tour of Proterra that it had “all the potential to be even worse than Solyndra.”

With Biden providing hundreds of billions of dollars of taxpayer handouts to green energy firms (that contribute to the DNC), we guarantee that there will be many more of these flops with taxpayers holding the bag.

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