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Proterra Raises $55M in Financing

| June 30, 2015

•	Proterra Raises $55M in Financing

Proterra, a provider of zero-emission battery-electric buses, has announced the completion of round of financing, raising $55 million.

Proterra has closed a $30 million Series 4 equity round led by $19 million from several new strategic investors. The existing major investors in Proterra added $11 million of equity. In conjunction with the equity financing, Proterra has completed a debt financing in an amount up to $25 million with Hercules Technology Growth Capital, Inc. (NYSE: HTGC).

The strategic debt financing will provide long-term debt capital to fully fund Proterra’s new Advanced Manufacturing facility in California, which was recently awarded a California Energy Commission grant to support clean vehicle technology growth. In addition, the Hercules debt facility expands Proterra’s access to working capital, a critical component of growth financing as production volume increases.

“This is a pivotal time for Proterra as we launch the latest generation of our technology and double our production capacity,” said Ryan Popple, Proterra CEO. “These financings are a powerful source of growth capital and will accelerate the adoption of EV technology in transit.”


Category: Capital Markets, Electric Vehicles

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