The Biden admin’s favorite electric battery company is in crisis
A politically-connected electric battery company with deep ties to the Biden administration is in trouble. Proterra could be staring down financial ruin, even though everyone from the president to his cabinet have worked overtime to boost the bus company. The Biden administration was supposed to be a ticket to ride for California-based Proterra. In 2021, it told shareholders that it was ready to “ride the wave” of taxpayer-funded incentives for vehicle electrification. It had all the right friends in all the right places. It hired a lobbying firm with extensive ties to Democratic politics weeks before Biden toured its facility.