Proterra Secures $200M Investment from Cowen Sustainable Advisors, Soros Fund Management, Generation Investment Management, and Broadscale Group
BURLINGAME, Calif., Oct. 15, 2020 /PRNewswire/ -- Proterra, a leading innovator in heavy-duty electric transportation, today 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 is comprised of $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 is a leading American electric vehicle manufacturer and technology provider which has successfully commercialized an electric powertrain for use in heavy-duty vehicles. Proterra's transit buses have provided over 14 million miles of service to more than 120 transit customers. With over 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 like Thomas Built Bus, Van Hool, FCCC, BusTech, and Optimal-EV introduce 100% battery-electric vehicles that are powered by Proterra's electric vehicle technology.
"As demand grows for battery-electric vehicles and 100% zero-emission fleets, we are excited to collaborate with CSI as well as our other investors to accelerate the transition to clean, quiet transportation for all and deliver even more Proterra Powered vehicles around the world," said Jack Allen, Proterra CEO and Chairman.
Proterra vehicles produce zero tailpipe emissions and decrease dependency on fossil fuels. Each time a Proterra battery-electric bus replaces a diesel vehicle, greenhouse gas emissions are reduced by more than 200,000 pounds and pollution harmful to human health is avoided.
"Electrification of commercial transport is imminent in our view because of clear environmental and social benefits as well as attractive unit economics," said CSI co-founder Vusal Najafov. "Proterra is well positioned to be a leader in this transition because of its leading technology and its decade-long track record of manufacturing best-in-class heavy-duty electric commercial vehicles at scale."
"CSI is looking to provide both capital and data analytics solutions to companies at the cutting edge of innovation in environmental sustainability," said CSI co-founder Ewa Kozicz. "Proterra and its partners are well positioned to provide a holistic electric transportation solution by using a data-driven approach to select optimal routes to electrify and provide a full solution of transportation, charging, and financing. We are excited to be Proterra's partners through the reshaping of the commercial transport industry."
BofA Securities acted as sole placement agent on this transaction.
SOURCE Proterra
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