Yet another benefactor of Biden’s efforts to transform the American way of life, looks to be on its way to failure.
Northern California’s firm SunPower, an energy storage and solar power company, shares were down sharply following a SEC filing warning of “substantial doubt” about its ability to continue operating.
To date, Biden’s Department of Energy and NASA has provided SunPower with $8.1M in grants.
This adds to yet another potential failure of companies that have received tax dollars, Fisker Automotive another California based company received $200M of the planned $528M failed.
Poterra, an EV bus and battery company filed for bankruptcy after “various market and macroeconomic headwinds have impacted our ability to efficiently scale.” At one time the market value $1.6B but has fallen to $362M.
Biden has pledged nearly $10B from the $1.9T Infrastructure Bill for zero emission bus and transit programs.