Bus

Proterra secures another $34M in funding

Posted on January 8, 2014

Proterra Inc. closed round two of its Series C funding, raising more than $10 million, bringing total Series C funding to date to more than $34 million.

Funding was based in large measure on the company’s strong 2013 performance and aggressive sales.

The second round of Series C investment was led by Nick and Joby Pritzker through their family’s firm, Tao Invest, and selected existing shareholders. Previous investors include electric industry leaders Edison Energy Inc. and Constellation, along with Kleiner Perkins Caufield & Byers, GM Ventures, Mitsui & Co. Global Investment Inc., Vision Ridge Partners, Hennessey Capital and 88 Green Ventures.

Proterra expects to close Series C funding before the end of the first quarter of 2014.

The company manufactures the only battery-electric buses purchased for revenue service anywhere in North America, according to the company. Its BE35 is the only electric transit bus to ever pass stringent federally-required Altoona testing.

The company has recently announced a host of new sales, including several from repeat customers. Proterra will use these additional Series C proceeds to continue to fund production growth and product development efforts to keep pace with accelerating demand.

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

More News

Connecticut's CTfastrak BRT system begins service

The CTfastrak transit system provides direct service to and from Waterbury, Cheshire, Southington, Bristol, Plainville, New Britain, Newington, West Hartford, Hartford, East Hartford and Manchester with routes that take advantage of the bus-only CTfastrak roadway.

Albuquerque BRT project exploring full sponsorship

ABQ RIDE is looking to model its plan after the Greater Cleveland Regional Transit Authority’s HealthLine, which is sponsored through a hospital partnership. Construction on the so-called ART system could begin in May 2016 with an in-service date of September 2017.

New luxury bus service launches in San Francisco

The service, which costs $6 a ride, asks riders to download the Leap app, creating an account, uploading a photo and adding a credit card that enables them to pay via a QR code.

4ONE wins multiple bus seating orders

Agencies ordering the company's products, which are now in at least half of all new U.S. and Canadian transit buses, include L.A. Metro, Chicago Transit Authority and New York City Transit.

New Flyer awarded big Las Vegas CNG bus contract

The contract includes a firm order for 35 XN40 and 20 XN60 Xcelsior buses, with an option for another 150 XN40 and 100 XN60 over the next five years. All buses are to be powered by CNG.

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