Proterra secures $200M investment from Cowen Sustainable Advisors, Soros Fund Management, Generation Investment Management, and Broadscale Group
Proterra announced a $200-million investment led by Cowen Sustainable Advisors LLC (CSI) along with supporting investments from Soros Fund Management, Generation Investment Management, and Broadscale Group. The new investment comprises $150 million from CSI and investments totaling $50 million from Soros Fund Management, Generation Investment Management, and Broadscale Group.
The new investment will support general corporate purposes, including Proterra’s battery and electric drivetrain research and development, business development activities to expand the use of Proterra’s technology in additional commercial vehicle segments, and the company’s Proterra Energy business to provide supplemental charging and energy management services that can lower fleet management costs.
Proterra has successfully commercialized an electric powertrain for use in heavy-duty vehicles. Proterra’s transit buses have provided more than 14 million miles of service to more than 120 transit customers. With more than 500 vehicles on the road in the United States and Canada, Proterra has sold and delivered more battery-electric transit buses in North America than any other manufacturer.
Through its Proterra Powered business, Proterra provides its road-tested and proven electric vehicle technology and expertise to other heavy- and medium-duty commercial vehicle manufacturers. Proterra battery systems have been chosen by world-class OEMs to introduce 100% battery-electric vehicles, including delivery vans, electric school buses, coach buses, and low-floor cutaway shuttle buses.
To date, Proterra has helped world-class OEMs such as Thomas Built Bus, Van Hool, FCCC, BusTech, and Optimal-EV introduce 100% battery-electric vehicles that are powered by Proterra’s electric vehicle technology.
BofA Securities acted as sole placement agent on this transaction.