Proterra, a San Bruno, CA-based provider of zero-emission battery-electric buses, completed a $55m strategic financing round.
Proterra has closed a $30m Series 4 equity round led by $19m from several new strategic investors with existing major investors adding $11m of equity.
In conjunction with the equity financing, it has completed a debt financing in an amount up to $25m with Hercules Technology Growth Capital, Inc. (NYSE: HTGC).
The company intends to use the capital to scale production, fund its new advanced manufacturing facility in California, expand into the West Coast markets, and continue to invest in future generations of EV transit technology.
Led by Ryan Popple, CEO, Proterra designs and manufactures zero-emission vehicles featuring configurable EV platform, battery and charging options for bus fleet operators. The company has sold over 100 vehicles to 14 different transit agencies throughout North America.