Proterra Raises $140 Million in Last Round Prior To IPO Later This Year

2 months ago by Mark Kane 11

Proterra electric bus

Proterra electric bus

Proterra has raised $140 million in a Series 5 round to fund it upcoming “high-growth phase. In about a year electric bus maker could even go public.

Several months ago, the company announced its latest electric bus, the E2 Catalyst with a massive 660 kWh battery on board and 350+ miles of real world range.

 Proterra electric bus and charging station

Proterra electric bus and charging station

“Proterra partnered with J.P. Morgan to close the equity funding, which was led by $40 million from an undisclosed investor, an additional $60 million from several new investors, and joined by existing board level investors Tao Capital Partners, Kleiner Perkins, GM Ventures, Constellation Technology Ventures, 88 Green Ventures, Edison Energy, Inc. and others. This growth equity financing signals an accelerated manufacturing phase for Proterra, as the company doubles production to meet growing customer demand across the United States.”

The company intends to increase its production capacity on both coasts:

  • by 300% in Greenville, South Carolina
  • initiate production in its City of Industry facility in Los Angeles County
Proterra Catalyst E2 - Available With 440-660 kWh battery

Proterra Catalyst E2 – Available With 440-660 kWh battery

“With $140 million of new capital, Proterra will dramatically accelerate production capacity on both coasts, while continuing to develop its next generation of heavy-duty electric vehicle products. Proterra aims to increase production in its East Coast facility, located in Greenville, South Carolina, by 300 percent and initiate production in its City of Industry facility in Los Angeles County. Combined, the facilities will more efficiently serve customers around the U.S. Proterra will hire key personnel in Los Angeles, Silicon Valley, and Greenville to support production growth, as well as implement new manufacturing equipment and systems.”

According to Bloomberg article, the current round of funding was also the last one before the company will launch its IPO in late 2017 or in 2018.

Ryan Popple, Proterra CEO said:

“The size of the round and the diversity of our investors reflects what we’re seeing around the world as institutions and businesses divest from fossil fuels. We thank our existing investors for their support and welcome our new investors as we continue to deliver on the promise of a cleaner future for all communities.”

Below: Bonus videos

JLL Taps Proterra to Deliver America’s First Fully Electric Commercial Bus Fleet

JLL in Chicago made history in fall 2016 by debuting America’s first all-electric corporate shuttle bus fleet. Clad in nautical themed designs, the ten Proterra buses operate between Chicago’s commuter train stations and two of the city’s tallest buildings, the iconic Prudential Plaza and Aon Center, both of which are managed by JLL. This zero-emission, corporate fleet also marks a notable step toward Chicago achieving its goal of reducing greenhouse gas emissions 80 percent below 1990 levels by 2050.

The University of Montana Transitions to Clean, Quiet Transit with Proterra

Associated Students University of Montana’s Office of Transportation (ASUM), one of a select few student-run transit agencies in the U.S., is undertaking a substantial and important step in the history of transportation. By launching two all-electric Proterra vehicles, with this deployment, UM becomes the first campus in the nation to operate zero-emission vehicles in its transit fleet. This move allows ASUM to support University of Montana goals for net-zero carbon emissions, City and County standards for air quality, campus and neighborhoods efforts toward noise reduction, and stewardship of UM student fees through overall cost-reduction in transportation services.The launch boldly seeks to meet aspirations for cleaner air, more sustainable methods of transit, and deployment of superior technology to serve basic transit necessity around the community of Missoula.

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11 responses to "Proterra Raises $140 Million in Last Round Prior To IPO Later This Year"

  1. Kim Conrad Jorgensen says:

    Electric buses are second only to electric cars in my book, imagine city buses that are quiet and clean! I wish them lots of luck and prosperity.

    1. KenZ says:

      Agreed, with the only exception that I think they’re BETTER EVs than cars because, at least for city buses, the start-stop nature is ideal for EVs. Same goes for garbage trucks, mail trucks, local delivery trucks, dock/shore vehicles, etc.

      Between Protera and BYD, I think we may have a decent chance of changing local transport. And perhaps Wrightspeed will kickstart the garbage truck/heavy truck world too. I do like Proterra because they seem to be less hype, more delivery. It’s the opposite of Faraday and other startups.

      1. SJC says:

        Anyone who has seen, heard and smelled a diesel city bus roar away from the curb can appreciate this.

      2. pjwood1 says:

        I’m assuming these motors can run in reverse, and regenerate electricity. As you’re getting at, the nature of use is perfectly suited to the design. Makes me wonder the minimum denomination to get into a cap raise, at the VC level? If I have to ask…

  2. MikeG says:

    King County Metro whose bus and charger is shown at the top of this article has finished a one-year pilot of 3 battery electric Proterra buses. They will be purchasing more battery electric buses in the wake of this successful test to be delivered in 2018 and 2019, although no numbers were given.
    Metro recently replaced its electric trolley buses with 174 new ones.

    1. MikeG says:

      Metro will purchase 120 battery electric buses between 2017 and 2020. 73 buses will be 40′ Proterra models capable of 25 miles and 10 minute recharge. Metro will also be testing 140 mile buses and asking manufacturer to build 60′ articulated buses.

      8 buses will be delivered in 2017, followed by 12 in 2019 and 100 in 2020.

  3. WadeTyhon says:

    My city, Dallas, I believe was the one of the first to place an order for 7 Proterra electric buses.

    They should be placed into the DART fleet sometime early this year I think. They will be running in uptown, downtown and Deep Ellum areas. (Some of the most dense areas of DFW with the highest use of public transit.)

  4. SteveSeattle says:

    King County Metro (Seattle area) are buying 120 in the next few years. There is a story on kiro7 news.

  5. Pushmi-Pullyu says:

    I’ve been quite impressed with Proterra’s development of an EV bus fast-charger, which reportedly can deliver 500 kW of power.

    Glad to see that Proterra is maturing enough to offer an IPO, and I wish them much success. We need to be reminded that the EV revolution isn’t just for passenger cars.

    Go Proterra!

  6. RAV4 EV says:

    Looking forward to seeing PHEV RVs come on the market. An RV with solar panels descreatly built into the roof and sides would be something. Charge while your are driving and park where you want off the grid.

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