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Back You are here: Home Business Finance Proterra gets $24 million in funding for its electric buses

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Proterra gets $24 million in funding for its electric buses

Clean technology company Proterra has closed $24 million in series B investment to continue commercialization of their zero-emissions transport solution, the EcoRide.

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The EcoRide is a 35-foot, low-floor composite body pure battery electric transit bus. This latest round of investment will accelerate its deployment to new U.S. transit customers as well as fund the company’s efforts to open new markets.

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Currently, the global transit market is estimated to amount to around $60 billion, and is moving towards adapting lower-emissions technologies in order to meet the demands of a world that is becoming increasingly aware of the need for climate mitigation.

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Aside from the EcoRide, Proterra has developed fast-charging stations called FastFill which can fully recharge the EcoRide’s battery in under 10 minutes. They currently have seven major transit agency customers.

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Proterra has tripled orders under contract for the EcoRide from public transit agencies in the past twelve months and is planning for its current growth path to continue.

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This round was led by new investor Hennessey Capital, who joined additional outside investor NMT Capital as well as existing investors, Kleiner Perkins Coalfield & Byers, GM Ventures, Mitsui & Co, Global Investment, Inc., 88 Green Ventures and Vision Ridge Partners.

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Rajiv Ghatalia, president and founder of Hennessey Capital Management will also be joining Proterra’s Board as an advisor.

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"Our investment in Proterra demonstrates our firm belief and that of our fellow investors that the company's EcoRide has solved a major concern for the world's aging transit fleets – that is, how to deliver emissions free, quiet bus transit that provides an attractive financial return for struggling transit agencies," said Mr. Ghatalia. – K. Jalbuena

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