Can green energy do anything right?
Proterra, a maker of electric buses, chargers, and power systems, has filed for Chapter 11 bankruptcy protection.
The 20-year-old firm filed for bankruptcy in the District of Delaware bankruptcy court on Monday, listing $819 million in assets and $610 million in debts.
The company was celebrated at a recent event hosted by President Joe Biden.
It is unclear as to how much government funding the company received. But since it is a green firm that specializes in a sector that was projected to receive $65 billion in funding, it likely received plenty of federal and state funding.
That said, Proterra did receive tons of investments from the private sector, including BlackRock, Fidelity, and BMW i Ventures.
What we do know, however, is that Energy Department Secretary Jennifer Granholm previously served as a Proterra board member. When she sold all of her stake, she netted a capital gain of $1.6 million.
The president appointed Proterra CEO Gareth Joyce to serve on the White House Export Council in February.
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