Proterra Secures $15M in Working and Growth Capital Financing from Silicon Valley Bank
The company plans to use the funds to help finance existing orders and new sales.
Founded in 2004 by Dale Hill and led by CEO David Bennett, Proterra designs and manufactures heavy-duty electric drive systems, energy storage systems, vehicle control systems, transit buses and fast-charging stations. Its designs have led to the EcoRide, a battery-powered electric bus that can charge in less than 10 minutes, replacing conventional diesel buses.
The company had raised $30m in venture capital funding in June (read here).