Proterra announces further growth, investment

Posted on November 23, 2012

Proterra Inc., provider of zero-emission commercial transit solutions and maker of the world’s first battery-electric fast-charge transit bus, the EcoRide, closed a $23 million Series B financing round amid rising demand for its transit solutions. Proterra has tripled orders under contract for the company’s flagship EcoRide from public transit agencies in the past twelve months alone and is planning for its current growth path to continue.

The round was led by new investor, Hennessey Capital, who joined additional outside investor NMT Capital as well as existing investors, Kleiner Perkins Caufield & Byers, GM Ventures, Mitsui & Co. Global Investment Inc., 88 Green Ventures and Vision Ridge Partners. In conjunction with the investment closing, Rajiv Ghatalia, president/founder of Hennessey Capital Management LLC, will join Proterra’s Board as an advisor.

Before joining Proterra’s board and founding Hennessey Capital, Ghatalia spent 16 years in Asia Pacific, first at Goldman Sachs then at Warburg Pincus, and has served on boards such as Transpacific Industries, Nikko Asset Management and Junior Achievement.

This investment round will accelerate Proterra’s revolutionary EcoRide bus deployment to new U.S. transit customers, open new markets and spur next generation system offerings, according to the company.

The $60 billion global transit market continues to recognize the ideal fit for battery-electric fast-charge systems, which yield 500%+ energy efficiency gains and 80% emission reduction and provide an attractive passenger experience.

Proterra has achieved a number of milestones in the past 18 months, growing from two to seven major transit agency customers with a large and growing pipeline. Earlier this year, Proterra’s EcoRide became the first heavy-duty electric transit bus ever to complete challenging federally required durability and reliability testing at the Bus Research and Testing Center in Altoona, Pa., demonstrating best in class energy efficiency and noise levels.

View comments or post a comment on this story. (0 Comments)

More News

Stagecoach to deliver contactless bus travel across UK by end of 2018

The $15 million initiative will allow passengers to pay for their travel with a contactless credit or debit card, as well as Apple Pay and Android Pay.

Alexander Dennis' Enviro500 concept bus on display in Singapore

The full low-floor, three-door, two-staircase double-deck bus is being shown at the LTA-UITP Singapore International Transport Congress and Exhibition in Suntec City.

ETA adds Intelligent Transit System to Grand Valley

The new ITS provides Grand Valley with ETA's real-time arrival predictions, fare collection system integration, automatic on-board announcements, and the tools to track and chart system improvements over time.

Proterra names Honeywell, Tesla vet to COO post

Josh Ensign’s track record includes leading global operations for 42 factories in 15 countries and managing the supporting supply chains. 

Nova announces 2 major orders for San Antonio VIA, Houston Metro

The buses will be manufactured in Plattsburgh, state of New York, and the delivery of the vehicles has already begun in Houston.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment



Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close