Proterra, an American heavy-duty electric transportation company, has announced it’s raised $200 million in new investment, The round was led by Cowen Sustainable Advisors LLC (CSI). New investors include Soros Fund Management.
Proterra says it will use the new investment to support its battery and electric drivetrain research and development, business development activities to expand the use of its technology in additional commercial vehicle segments, and the company’s Proterra Energy business to provide supplemental charging and energy management services that can lower fleet management costs.
Proterra vehicles produce zero tailpipe emissions and decrease dependency on fossil fuels.
Jack Allen, Proterra CEO and Chairman, says: “As demand grows for battery-electric vehicles and 100% zero-emission fleets, we are excited to collaborate with CSI as well as our other investors to accelerate the transition to clean, quiet transportation for all and deliver even more Proterra Powered vehicles around the world.”
CSI co-founder, Vusal Najafov, adds: “Electrification of commercial transport is imminent in our view because of clear environmental and social benefits as well as attractive unit economics. Proterra is well positioned to be a leader in this transition because of its leading technology and its decade-long track record of manufacturing best-in-class heavy-duty electric commercial vehicles at scale.”
Proterra’s electric transit buses have provided over 14 million miles of service to more than 120 transit customers. With over 500 vehicles on the road in the U..S. and Canada, Proterra has sold and delivered more battery-electric transit buses in North America than any other manufacturer.