Bus

Proterra receives $24M in Series C financing

Posted on October 15, 2013

Proterra Inc. closed more than $24 million in Series C financing round amid rising demand for its transit solutions. Support for this round of funding was bolstered by Proterra’s projected 225% revenue growth for the close of 2013.

This round of funding included two new strategic electric industry investors, Edison Energy Inc., a subsidiary of Edison International and Constellation. Edison and Constellation join Kleiner Perkins Caufield & Byers, GM Ventures, Mitsui & Co. Global Investment Inc., Vision Ridge Partners, Hennessey Capital and 88 Green Ventures to complete the round.

In conjunction with the investment closing, Bert Valdman, president of Edison Energy, and Michael Smith, VP, head of technology ventures, for Constellation, will serve as observers to Proterra’s board.

The addition of the new electric industry funding partners is a critical development for Proterra, which is actively working with utility companies to develop strategies to optimize EV buses to leverage grid power distribution and ensure low cost energy alternatives. Proterra’s investors already include many top sustainable technology funding companies and automotive manufacturers, giving the company a competitive edge in terms of expertise and intellectual capital.

“The benefits of EV mass transit are compelling to a wide range of audiences,” said Garrett Mikita, CEO for Proterra Inc. “It offers significant cost savings to transit agencies; drastically reduces fuel consumption, air and noise pollution; and improves the quality of life of the communities it serves. This round of funding is not only an acknowledgement of the strength of the company and the industry, but of Proterra’s commitment to leadership and working with all key stakeholders, including the power supply industry, to create the most effective and efficient transit solutions on the market.”

Proterra will use Series C proceeds to fund production growth and product development efforts to keep pace with booming demand.

 

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

More News

BC Transit piloting video cameras on buses

Up to six cameras will be installed on each bus. There is no live monitoring of the video which will only be removed and viewed by authorized security staff following a reported incident. Only video required for security purposes will be retained, all other video will be erased.

Calif. agencies approve merger

Pending adoption by its member entities, the merger between Victor Valley Transit Authority and Barstow Area Transit is slated to take effect July 1, 2015.

MCI Stands Up for Transportation in Pembina, Chicago and Louisville

Officials at MCI’s Pembina plant included Rep. Kevin Cramer, R-N.D.; North Dakota Commerce Department Commissioner Alan Anderson; Gail Hand, northeastern director for Sen Heidi Heitkamp, D-N.D.; Tom Brusegaard, regional director for Sen. John Hoeven, R-N.D;  Pembina County Commissioner Hetty Walker; and Cavalier, N.D. Mayor Ken Briese.

Uber adds rickshaws to service in India

Drivers are told to say ‘namaste,’ a common Indian greeting, and are encouraged to use their meters. Uber pays its drivers an additional 40 rupees, or just over 60 cents, per ride on top of the fare.

2,627 complaints lodged on Fla.'s HART bus system

The unedited complaints represent only one side of the story and often are fired off by people who are upset. HART says its own GPS and video technology shows many are plain wrong. The agency relies upon the list to target areas of customer service that are in need of improvement.

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

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The resource for managers of class 1-7 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