Electric bus manufacturer Proterra Inc has raised $23 million in a Series B round to accelerate deployment of its EcoRideTM
fast-charge transit bus.
New investor, Hennessey Capital, led the round, which was joined by NMT Capital and existing investors, Kleiner Perkins Caufield & Byers (KPCB), GM Ventures, Mitsui & Co. Global Investment, Inc., 88 Green Ventures and Vision Ridge Partners.
Proterra has tripled orders under contract from public transit agencies over the past year because of its ability to bring emissions free, quiet buses to struggling municipalities that have aging fleets and need a financial return, notes Rajiv Ghatalia, President of Hennessey Capital Management, who will join Proterra's board.
Proterra has contracts with seven major transit agencies and is the first heavy-duty electric transit bus to complete federally required durability and reliability testing, demonstratig best-in- class energy efficiency and noise levels.
Founded in 2004, Proterra is based in Colorado and manufactures in South Carolina. Its EcoRide bus has a 40 mile range and can be charged in less than 10 minues thanks to light-weight composite body. The electric drive motor is supplied by UQM (NYSEAMEX: UQM). Proterra says the bus offers greater than $300,000 savings in total lifetime operating expenses.
Last year, Smith Electric Vehicles unveiled the first electric school bus.