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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