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

Specialty Vehicles partners with trolley manufacturer

Will be the exclusive domestic and international distributor of Brown Industries-manufactured American Heritage trolleys.

Europe's FlixBus considers U.S. expansion

The European long-distance bus service currently operates 1,500 green buses in 26 countries and carried about 40 million passengers in 2017.

Proterra supplies Louisiana's first battery-electric bus fleet

Five Proterra Catalyst E2 vehicles were purchased through the FTA's Low or No-Emission Vehicle Deployment Grant.

Valley Metro, Phoenix award 396-CNG-bus order to New Flyer

The contract, which was supported by FTA funding and includes options for 197 buses over five years.

L.A. Metro expands all-door boarding for key Metro Rapid lines

Riders will be able to board at any door of a bus – front, middle or rear – and will pay their fare by using the TAP fare validator installed at each door.

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 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