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.