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

Alexander Dennis lands double-deck bus order

The 13 buses will have capacity for 120 passengers, 79 of them seated, and will enter service from July 2019 to replace and enlarge tl’s double-deck fleet.

Nova Bus lands largest North American bus order

The five-year contract, covering the period from 2020 to 2024, calls for the delivery of 497 40-foot hybrid buses LFS HEV and up to 1,028 vehicles on option.

BusCon 2018 set to return to Indianapolis in October

Registration is open now for this year's show, which will include a look at electric buses and autonomous vehicles, as well as training courses from NTI and EnerDel.

Creative Bus Sales orders 100 GreenPower buses

The order includes the 15 buses for inventory and demonstration that are on order with GreenPower.

First Transit names new VP, west region operations

Fadi Chakbazof will be responsible for all operations in the west region, reporting directly to Beverly Edwards, COO.

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