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

MV Transportation wins contract to operate Calif. bus services

Will maintain the City of Santa Clarita's fleet of over 100 vehicles, providing transportation for three million passengers, annually.

Maryland adding 70 New Flyer clean-diesel buses

Each bus is equipped numerous safety features including security cameras, an audible safe turn alert system, and curbside and street-side turn aid lights, as well as a factory-installed driver’s barrier to increase bus operator safety.

BYD to deliver first electric buses to Montreal and Longueuil, Canada

Order puts Société de transport de Montréal and the Réseau de transport de Longueuil ahead of new carbon pollution regulations.

WMATA awards new Va. bus facility contract to Transdev

The move is expected to control cost growth while delivering quality service and preserving current employees’ jobs.

Amazon investing $1.5M to boost Seattle bus frequencies

The investment seeks to help add 22 more weekday bus trips for a period of two years on some of the city's busiest routes, which is the equivalent of adding 1,700 more riders.

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