Should We Expect More Battery Electric Buses in 2014 as Proterra Raises More and More Money?
Proterra, the electric bus manufacturer based in Greenville, SC, recently announced that it closed its second round of Series C investment raising over $10M and over $34M together with the previous round.
Last year, Proterra sold/got orders for about 40 BE35 buses including 12 for returning customer Foothill Transit.
In the press release we see reference to “Funding was based in large measure on the company’s strong 2013 performance and aggressive sales,” so maybe we should expect that this year sales will expand significantly?
“The second round of Series C investment was led by Nick and Joby Pritzker through their family’s firm, Tao Invest, and selected existing shareholders. Previous investors include electric industry leaders Edison Energy, Inc. and Constellation, along with Kleiner Perkins Caufield & Byers, GM Ventures, Mitsui & Co. Global Investment, Inc., Vision Ridge Partners, Hennessey Capital and 88 Green Ventures.“
Proterra would like to raise more money before Series C ends in March “to fund production growth and product development efforts to keep pace with accelerating demand“.
Nick Pritzker stated:
“There is no doubt that cities and campuses alike are choosing to explore and invest in more energy-efficient clean transit options to help reduce costs, meet environmental mandates and improve quality of life. With the growing trend toward re-urbanization, demand will only continue to grow. We chose to invest in Proterra based on its clear leadership in this burgeoning market.”
Proterra Chief Executive Officer Garrett Mikita commented:
“Thanks in large measure to our unparalleled technology and unwavering commitment to providing superior service, as well as the vision and advice of our investors, like the Pritzkers, Proterra is riding a wave of success right now. We are closing sales, delivering buses and earning repeat business from satisfied customers at an incredibly rapid pace, and we only expect that to continue as more of our early adopters become evangelists for the value proposition presented by our fast-charge, lightweight EV buses.”
Will Proterra be able to sell and deliver or close to 100 units in 2014? We’re doubtful, but what do you think?