Electric bus builder Proterra has announced the completion of strategic financing intended to fund the company’s business plan to achieve positive cash flow, as production scales up to meet growing demand. The new capital will be used to fully fund Proterra’s new Advanced Manufacturing facility in California.
Proterra has closed a $30-million Series 4 equity round that includes $19 million from new investors and $11 million from existing investors. “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,” said Michael Linse, a partner at investor Kleiner Perkins and Proterra board member. “We’re really looking forward to supporting Proterra through this next stage of expansion.”
In addition to the equity financing, Proterra has secured new debt financing of up to $25 million from Hercules Technology Growth Capital (NYSE: HTGC).
“This is a pivotal time for Proterra, as we launch the latest generation of our technology and double our production capacity,” said Ryan Popple, Proterra CEO. “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 EV technology for transit.”
Proterra has sold over 100 of its American-made vehicles to 14 different transit agencies throughout North America.
During a recent interview for the latest issue of Charged, Popple told us that the company is currently in contention for roughly 20% of the potential transit vehicle orders in the US over the next couple years, or about $1 billion of total pipeline opportunities. “We’ve seen our pipeline – or actionable opportunities that we’re going after – grow about five to seven times in the last year alone, so we’re seeing demand swiftly increase, and we’re only focused on the North American market right now.”