Proterra, Inc., a Greenville, S.C.-based provider of zero-emission commercial transit solutions and maker of a battery-electric fast-charge transit bus, the EcoRide™, has closed a $23m Series B financing.
The round was led by new investor Hennessey Capital, who joined additional outside investor NMT Capital as well as existing investors Kleiner Perkins Caufield & Byers, GM Ventures, Mitsui & Co. Global Investment, Inc., 88 Green Ventures and Vision Ridge Partners. In conjunction with the closing, Rajiv Ghatalia, President and Founder of Hennessey Capital Management LLC, will join Proterra’s Board as an advisor.
The company intends to use the funding to accelerate EcoRide™ bus deployment to new US transit customers, open new markets and expand offerings.
David Bennett, CEO, Proterra designs and manufactures heavy-duty electric drive systems, energy storage systems, vehicle control systems, transit buses and fast-charging stations. The company’s systems are scalable to commercial buses of all sizes. Its designs have led to the EcoRide™, a full-size, 10-minute charge battery-electric transit bus, which has seen orders under contract to triple from public transit agencies in the past twelve months.