Proterra, The developer of battery system technologies for heavy electric vehicles said it had raised US $ 200 million in a new financing round.
The new money comes from Cowen Sustainable Investment Advisors, who led the way, along with money from Soros Fund Management. Generation Investment Management and Broadscale Group.
Cowen won most of the round for $ 150 million, while Soros, Generation and Broadscale raised another $ 50 million.
This new capital injection follows a year of speculation about a potential public offering for the major Honkin battery system developer. TechCrunch last reported in August 2019 that Proterra had hit a $ 1 billion valuation, according to investors, and would be aiming for a possible IPO at that point.
The company said the new money will be used to support the company's ongoing research and development in battery and electric drive technologies, as well as business development to improve the company's presence in additional commercial vehicle segments.
Proterra is also engaged in developing charging and energy management technologies to reduce the fleet management costs associated with operating electric fleets.
So far, Proterra has equity and debt from investors such as G2VP, Kleiner Perkins Caufield & Byers, Constellation Ventures, Mitsui & Co., as well as BMW i Ventures, Edison Energy, the Federal Transportation Administration and General Motors & # 39; s of at least around 1 billion US dollars added Venture Arm and Tao Capital Partners .
Proterra primarily manufactures buses for local, state and federal agencies that can travel 350 miles for a single fee. Californian company Burlingame, which has a number of former Tesla employees in executive positions, including the company's former CEO Ryan Popple, has also diversified its business to provide its powertrains to other manufacturers of heavy and medium-duty vehicles.
The company is now working with OEMs like Thomas Built Bus, Van Hool, FCCC, BusTech and Optimal-EV to bring 100% battery electric vehicles to market, it said in a statement.
"As the demand for battery electric vehicles and 100% zero-emission fleets grows, we are excited to partner with CSI and our other investors to accelerate the transition to clean, quiet transportation for everyone and more Proterra-powered vehicles around the world to deliver to the world, ”said Jack Allen, the current Chairman and CEO of Proterra.
BofA Securities acted as the sole placement agent for this transaction.