Proterra, the Upstate's politically-connected electric vehicle maker praised by Joe Biden as a prime mover in green energy, is marred in the red on their bottom line.
Proterra revealed late Monday that it has filed for Chapter 11 bankruptcy protection citing "market and macroeconomic headwinds." The Siicon Valley-based company's futuristic city buses are a familiar sight on Greenlink's Upstate routes.
They rolled off the assembly line at Proterra's Whitelee Court plant near the Clemson ICAR Center, powered by drive-train and battery components manufactured in its Greer facility.
President Biden who was hosted on a virtual tour of the operation in 2021 proclaimed Proterra "an American vehicle success story" and a major player in his administration's goal for all buses made in America to be zero-emission by 2030.
The State Department of Education has ordered 160 Proterra-powered buses for South Carolina school districts.
Proterra CEO Gareth Joyce says the bankruptcy reorganization under so-called "growing concern" provisions will allow business to proceed with no payroll and benefits interruptions, although its NASDAQ-traded stock has plummeted 65 percent.
