Proterra fundraises millions for ZEV transit solutions

Proterra, the top provider for zero-emission (ZEV), battery-electric buses, recently announced that it has raised $55 million in strategic financing to fulfill customer demands for more zero-emission vehicle transit options.

"Increasingly Proterra's products and technology are earning industry credibility as fleet customers place second, third, and fourth orders for Proterra's zero emission transit vehicles,” Michael Linse, a partner at KPCB and Proterra board member, said. “And while the company has made great strides within the last year, we're really looking forward to supporting Proterra through this next stage of expansion.”

These funds will be used to begin the company’s new phase of growth in which Proterra increases its production rates to speed cash realization and satisfy increasing demand.

"This is a pivotal time for Proterra as we launch the latest generation of our technology and double our production capacity," Proterra CEO Ryan Popple, said. "We're appreciative to have such strong investor interest and confident in the company's ability to deliver strong results for all. Our new and existing investors are supportive of both our need to increase capacity as well as continue to lead the market in steadily improving and perfecting (electric vehicle) technology for transit. These financings are a powerful source of growth capital and will accelerate the adoption of EV technology in transit."