Proterra files Chapter 11

[SubieRubyRoo]

Hmm, this was a company that received loads of money under the “Inflation Reduction Act”. Seems like that was not money well spent, eh? (Edited with dots to remove possible political comments)

Both on the campaign trail and during occasional public appearances, ……. has continued to sing the praises of electric vehicles as our pathway to the future. We will all benefit from these technological advancements while saving the planet by eliminating dirty, carbon-emitting gas-powered cars and trucks. And one of the companies …… has frequently cited as a shining example of these advances is Proterra, a California-based manufacturer of electric buses. In fact, …… is so impressed with this outfit that he appointed Proterra CEO Gareth Joyce to a prestigious White House advisory panel. That’s why it might be a bit jarring for him to learn that one of his favorite electric car companies just filed for bankruptcy. But don’t worry. The CEO is assuring us that everything is just fine.

 

[SC Maintenance]

New tech always brings lots of losers. It was the same with the ICE cars in 1920. The big difference is that when its private money there is oversight - people want a return. When govco hands out money the temptation to simply take it, pay yourself well, and do nothing - is way too high.

If the government really wanted to accelerate the tech on this stuff they should fund things through Darpa or Nasa or wherever - like they did with the Manhattan project, etc. But that would take effort, and result in less grift. So it will never happen.

 

[gman2304]

But we have a new 1 million acre National Monument In AZ. Baaj NwaavJo I’tah Kukveni. It just happens to have a huge amount of Uranium under it.

 

[y_p_w]

New tech always brings lots of losers. It was the same with the ICE cars in 1920. The big difference is that when its private money there is oversight - people want a return. When govco hands out money the temptation to simply take it, pay yourself well, and do nothing - is way too high.

Proterra went public through a SPAC. Apparently that's a big red flag these days.

 

[UG_Passat]

Biden's Solyndra.

Energy Secretary Yellen had stocks in it.

Proterra CEO was appointed to the President Export Council as a member

 

[JeffKeryk]

Biden's Solyndra.

Energy Secretary Yellen had stocks in it.

Proterra CEO was appointed to the President Export Council as a member

People often refer to Solyndra; it was right up the road, 10 miles from me, near GM/NUMMI/Tesla. They had a good product, but could not compete with the Chinese low cost.
Interestingly, Tesla now has their buildings. Literally blocks south of the plant. I worked across the 680 freeway at Lam Research.

 

[y_p_w]

People often refer to Solyndra; it was right up the road, 10 miles from me, near GM/NUMMI/Tesla. They had a good product, but could not compete with the Chinese low cost.
Interestingly, Tesla now has their buildings. Literally blocks south of the plant. I worked across the 680 freeway at Lam Research.

I used to drive by there occasionally. Cool looking building. They also had another smaller building in a similar angular architecture. It's Seagate there now.

Solyndra's technology wasn't really that good. It required a white roof in order to capture maybe a little bit more light. They did apparently have a superior thin film technology (that was also expensive), but the cylindrical shape was a solution in search of a problem. Maybe they could have adapted that to flat panels. But as you noted, the cost of cheap panels from China pretty much doomed them.

But Proterra is still in business. They apparently overextended themselves.

 

[97prizm]

Hmm, this was a company that received loads of money under the “Inflation Reduction Act”. Seems like that was not money well spent, eh? (Edited with dots to remove possible political comments)

Was this an issue of they were selling the busses at a loss? Usually if you sell you try for a profit. No?

 

[Vercingetorix]

Was this an issue of they were selling the busses at a loss? Usually if you sell you try for a profit. No?

I thought the buyers were the ones getting the tax credits.

 

[y_p_w]

I thought the buyers were the ones getting the tax credits.

Probably not. Public transit agencies wouldn’t be subject to taxes.

 

[y_p_w]

Was this an issue of they were selling the busses at a loss? Usually if you sell you try for a profit. No?

They expanded their manufacturing.

 

[cptbarkey]

This is a much better article that explains why the 19 year old company Proterra failed. It had little to do with the 10 million PPP loan and more on bad management when it came to the contracts they made with municipities, vendors, and reckless growth attempts more akin to the failure of Silicon Valley Bank. Proterra was helped by many administrations, not only the one that OP continually call out.

https://techcrunch.com/2023/08/09/what-led-to-ev-darling-proterras-bankruptcy/

 

[demarpaint]

They got Inflation Reduction Act money, ok. Hopefully no one comes up with the bright idea of trying to bail them out with more taxpayer money.

 

[Vercingetorix]

They got Inflation Reduction Act money, ok. Hopefully no one comes up with the bright idea of trying to bail them out with more taxpayer money.

How do you know this?

 

[demarpaint]

How do you know this?

That's what the OP wrote, and that's what I commented on. So if that's the case it's water under the bridge nothing can be done about it. I'm not a fan of taxpayer bailouts, ICE or EV makers. They went belly up, it happens.

 

[y_p_w]

That's what the OP wrote, and that's what I commented on. So if that's the case it's water under the bridge nothing can be done about it. I'm not a fan of taxpayer bailouts, ICE or EV makers. They went belly up, it happens.

They’re in reorganization.

 

[demarpaint]

They’re in reorganization.

Fine, I heard they went bankrupt. Either way let nature take it's course for them, no bailouts.

 

[SubieRubyRoo]

How do you know this?

You can search the database and find who got how much.

(Insert private company here) was helped by many administrations, not only the one that OP continually call out.

I call out all gifts of my (and your) tax money to private companies regardless of who does it. I can’t help it that certain groups are more reckless than others. If that company is such a great deal, those people should invest their own money, not throw mine onto a bonfire.

[/QUOTE]

 

[Vercingetorix]

You can search the database and find who got how much.

[/QUOTE]
What databse?

 

[y_p_w]

Fine, I heard they went bankrupt. Either way let nature take it's course for them, no bailouts.

Thread title clearly mentions Chapter 11. Belly up would be Chapter 7.

They get a certain level of protection against creditors.