Proterra, which makes big honkin’ battery systems and electric buses, raises $200 million



Proterra, the battery powered system technology programmer for heavy-duty electric cars, said it has raised $200 million in a new form of funding.

The new cash comes in Cowen Sustainable Investment Advisors, which led the round, Together with money from Soros Fund Management, Generation Investment Management and Broadscale Group.

Cowen took the majority of the around, with $150 million, while Soros, Generation and Broadscale forked over the other $50 million.

This new funding extract follows a year’s worth of speculation about a potential public offering for the big honkin’ battery systems programmer. TechCrunch last reported in August 2019 the Proterra had hit a $1 billion evaluation according to investors and might be seeking a prospective IPO in the time.

Proterra, the Tesla of electric buses, closes in on $1 billion evaluation

The company said the new money goes to support the firm ’s continuing research and development efforts into battery powered and electric drivetrain technologies and business growth to grow the firm ’s footprint in other business vehicle segments.

Proterra’s looking at charging and energy management technologies development to lower fleet management costs associated with operating electric fleets.

To date, Proterra has raised equity and debt totaling at least roughly $1 billion in investors such as G2VP, Kleiner Perkins Caufield & Byers, Constellation Ventures, Mitsui & Co., as well as BMW I Ventures, Edison Energy, the Federal Transportation Administration, General Motors’s enterprise arm along with Tao Capital Partners .

Proterra mainly leaves buses for local, state and national agencies that may travel 350 miles on a single charge. The Burlingame, California firm, which has a number of former Tesla workers in leadership positions, including the firm ’s former chief executive Ryan Popple, has also diversified its business to provide its power trains into other heavy and medium-duty commercial electric vehicle manufacturers.

The company is presently working with OEMs such as Thomas Built Buses, Van Hool, FCCC, BusTech and Optimal-EV to contribute to market 100 percent battery-electric vehicles powered by its technology, the company said in an announcement.

“As demand grows for battery-electric vehicles and 100 percent zero-emission fleets, we are eager to cooperate with CSI as well as our other shareholders to hasten the transition to clean, silent transportation for everyone and deliver much more Proterra Powered vehicles around the planet,” stated Jack Allen, Proterra’s present chairman and chief executive.

BofA Securities acted as sole placement broker on this particular transaction.

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