Proterra announced earlier this month that it secured a $200 million investment, including $150 million from Cowen Sustainable Advisors LLC and $50 million from Soros Fund Management, Generation Investment Management, and Broadscale Group.
The company said that the new funds will be used for general corporate purposes, including:
- battery and electric drivetrain research and development,
- business development activities to expand the use of Proterra’s technology in additional commercial vehicle segments
- the company’s Proterra Energy business to provide supplemental charging and energy management services that can lower fleet management costs
There is no word about the IPO possibility, rumored several times in the past.
Proterra is the largest battery-electric bus maker in the North America, with more than 500 vehicles on the road in the U.S. and Canada, according to the latest announcement.
Over the years, Proterra vehicles covered more than 14 million miles (22.5 million km) in the hands of more than 120 transit customers.
An additional business is providing EV solutions to other OEMs, like Thomas Built Bus, Van Hool, FCCC, BusTech, and Optimal-EV, including customizable battery packs.
"Through its Proterra Powered business, Proterra provides its road-tested and proven electric vehicle technology and expertise to other heavy- and medium-duty commercial vehicle manufacturers. Proterra battery systems have been chosen by world-class OEMs to introduce 100% battery-electric vehicles, including delivery vans, electric school buses, coach buses, and low-floor cutaway shuttle buses."