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."
More Stories
- ARIZONA DEPARTMENT OF TRANSPORTATION: Governor Ducey issues Executive Order further extending expiration of driver licenses
- AMERICAN AIRLINES: Cleaning with a Purpose, American Airlines Earns GBAC STAR Accreditation from the Global Biorisk Advisory Council
- AIRLINES FOR AMERICA: Statement from A4A President and CEO Nicholas E. Calio
- ARIZONA DEPARTMENT OF TRANSPORTATION: ADOT distracted driving campaign raises awareness
- ARIZONA DEPARTMENT OF TRANSPORTATION: Drivers get break from state highway closures through early January
- AMERICAN AIRLINES: American’s AAdvantage Program Reveals Elite Choice Rewards for Platinum Pro and Executive Platinum Members
- ARIZONA DEPARTMENT OF TRANSPORTATION: Donor Network of Arizona honors two MVD employees with awards
- AMERICAN AIRLINES: American Airlines Names Meghan Montana Vice President and Treasurer
- ALBERTA TRANSPORTATION: Building roads to economic recovery
- AIRLINES FOR AMERICA: Airlines for America Applauds the Department of Transportation’s Final Rules on Traveling by Air with Service Animals