Democrat Megadonors to Profit from Electric Bus Company Pushed by Joe Biden
Republicans call for investigation as deep financial ties to Biden-promoted firm exposed
Republicans are calling for an investigation after a new report revealed that several powerful Democrat megadonors are set to massively profit from an electric bus company being heavily promoted by Joe Biden's administration.
Biden's energy secretary Jennifer Granholm is among those to hit the jackpot from her personal stake in Proterra, the company the administration has boosted.
The promotion of the firm from the Biden admin has already raised red flags with GOP lawmakers, but a new report from The Washington Free Beacon hints that the ties may be even more extensive than previously suspected.
The Beacon discovered that, in addition to Granholm, several prominent Democratic donors and officials have deep financial interests in Proterra.
Granholm holds $5 million in Proterra’s stock after sitting on the company’s board for four years, the outlet reports.
In January, Proterra merged with a company called ArcLight.
Nicholas and Joby Pritzker — Democratic megadonors and relatives of Illinois' anti-Trump Democrat Gov. J.B. Pritzker — own roughly 12 million shares of ArcLight.
Brian Deese of the National Economic Council is also tied to Proterra through the investment firm BlackRock, where he holds more than $2.4 million in stock, according to The Western Journal.
BlackRock invested in the Proterra and ArcLight merger.
Republican Rep. Ralph Norman of South Carolina, who serves on the House Committee on Oversight and Reform, is calling for an investigation into Granholm in particular.
“The American people deserve to understand the full extent of Secretary Granholm’s involvement with Proterra,” he told The Beacon.
“Her position of roughly $5 million in the electric car company Proterra is another unfortunate example of politicians using their position for personal gain,” he added.
"Due to the president’s recent unveiling of a $2 trillion infrastructure package, this matter should be investigated thoroughly."
These financial connections suggest that high-profile Democrats and members of the Biden administration may be propping up Proterra as part of their climate change agenda in order to line their own pockets.
If that is their plan, it’s working: ArcLight’s stock price has jumped 50 percent since January.
Joe Biden and Deese both took part in a virtual tour of the Proterra factory last month to promote government investment in electric buses.
Secretary Granholm dodges on whether it looked "improper" that Joe Biden had a virtual visit with Proterra, a company that she was recently on the board of and still holds a significant financial interest in nearly 100 days into the administration. https://t.co/ansKLKf4Fw pic.twitter.com/rgu5wXuz7N— America Rising (@AmericaRising) April 26, 2021
The State Department also hosted a climate summit in April which featured Granholm and Proterra CEO Jack Allen.
During the summit, Biden climate advisor Gina McCarthy said “funding for electric school buses is a priority in the American Jobs Plan” and asked Allen how the federal government can play a role in “spurring the demand for zero-emission electric vehicles, including school buses.”
“Good reminder that ‘the American Jobs Plan’ will be a massive vehicle for Biden to reward friends, allies, and donors with taxpayer dollars under the guise of ‘infrastructure,'” former Republican staffer Matt Whitlock tweeted about The Beacon’s report.
Good reminder that “the American Jobs Plan” will be a massive vehicle for Biden to reward friends, allies, and donors with taxpayer dollars under the guise of “infrastructure.”— Matt Whitlock (@mattdizwhitlock) May 5, 2021
Solyndra all over again. https://t.co/7FQ8v0v3cT
Whitlock is not alone with his suspicions.
This entire situation smacks of powerful progressives pulling their political levers — and feeding the climate change frenzy — all the way to the bank.