Battery-eletcric bus manufacturer Proterra has completed a $55M strategic financing. This signals a new growth phase for the company, as Proterra scales production to meet growing demand and accelerates cash realization.
Proterra closed a $30-million Series 4 equity round led by $19 million from several new strategic investors. The existing major investors in Proterra added $11 million of equity.
In conjunction with the equity financing, Proterra completed a debt financing in an amount up to $25 million with Hercules Technology Growth Capital. The strategic debt financing will provide long-term debt capital to fully fund Proterra’s new Advanced Manufacturing facility in California, which was recently awarded a California Energy Commission grant to support clean vehicle technology growth.
In addition, the Hercules debt facility expands Proterra’s access to working capital, a critical component of growth financing as production volume increases.
By simultaneously securing a strategic debt facility and a large growth equity financing, Proterra will finish the second quarter of 2015 fully funded to expand into the West Coast markets through its new California manufacturing center; ramp production to meet growing demand; and continue to invest heavily in future generations of EV transit technology.