The electric school bus company, which was praised by VP Kamala Harris and the White House, has filed for bankruptcy, according to reports.
On Monday, Proterra Inc announced that “market and macroeconomic headwinds” had forced it to seek Chapter 11 protections.
The electric school bus company added that future financing options will be worked out in Bankruptcy Court.
“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,” CEO Gareth Joyce said.
“This is why we are taking action to separate each product line through the Chapter 11 reorganization process to maximize their independent potential,” Joyce added.
He further explained that the company’s hurdles had “impacted our ability to efficiently scale all of our opportunities simultaneously,” and Proterra would be “sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.”
Joyce was appointed to serve on the White House Export Council earlier this year, but the company’s relationship with the government goes way back.
Joe Biden, 2021, participated in a virtual tour of the Proterra Factor and praised the company for its commitment to zero-emission travel.
“We gotta own the future here,” Biden said at the time.
“We oughta be the single most significant supplier of electric buses and vehicles in the world before it’s over.”
“Right now, we’re running way behind China,” Biden continued, “but you guys are getting us in the game. It’s gonna make a lot of difference.”
Biden said electrified yellow school buses would improve the lives of American children.
Meanwhile, Kamala Harris also praised the company.
“Who doesn’t love a yellow school bus?” she cackled. “They will remain yellow, but their heart will be green!”
Harris has dropped babbling word salads over her love for electric numerous times.
“No exhaust, no diesel smell,” she said while delivering remarks.
“The bus has Wi-Fi and even USB outlets next to every seat! I mean, come on, imagine, you could charge your phone on your way home from work! That’s good stuff!”