Electric bus manufacturer Proterra has raised $140 million in a Series 5 financing round. The company will use the new money to double its production capacity in order to meet exploding customer demand from transport authorities across the US. Proterra’s 2016 sales awards more than doubled from 2015.
The new capital will allow Proterra to accelerate production capacity on both coasts, while continuing to develop its next generation of heavy-duty EV products. Proterra plans to increase production in its Greenville, South Carolina facility by 300%, and initiate production in its newer plant in City of Industry, California.
In September, Proterra unveiled what it calls the world’s most efficient battery system for heavy-duty transportation. Its new Catalyst E2 Series offers a 350-mile nominal range, enough to cover any typical US mass transit route on a single charge.
Source: Green Car Congress