GSA Daily Staff Report
Published June 9, 2010

Proterra Inc. said today it closed on $20 million in financing from a Connecticut-based investment firm that will help the bus maker and battery developer expand into foreign markets.

The company also said financing from MK Energy and Infrastructure will accelerate construction of its assembly plant at the Clemson University International Center for Automotive Research. Proterra will break ground on that facility later this year. The company expects to hire 1,300 people there over the next five years and develop 2,500 electric buses annually.

"Our partnership with MK E+I will help us bring new jobs to Greenville and environmentally friendly buses to transit agencies and communities around the world, allowing them to slash fuel costs and significantly reduce noise and air pollution," said Proterra President and CEO Jeffery Granato. "MK E+I provides strategic experience to Proterra as we grow in the United States and look at global expansion. Together we will drive the transit industry into the next era of clean commuting."

Previous coverage
Proterra secures financing, revamps business plan
Proterra has hired first workers, plans to build bus in Greenville in July
Proterra suppliers next on Upstate radar
Proterra to invest $68M, hire 1,300 in Greenville

At the Greenville plant, Proterra will manufacture its leading transit bus, the EcoRide BE-35, a patented, zero emission, fast-charge, battery-electric transit bus that replaces traditional diesel buses. The EcoRide BE-35 achieves 500% greater fuel efficiency than conventional diesel buses and more than 400% greater efficiency than hybrid transit buses traveling the roads today, according to the federally sponsored Altoona, Pennsylvania Bus Testing Center.

Over a 12-year lifecycle, Proterra buses will save an average of $400,000 per bus in fuel costs as compared to a conventional diesel bus and almost $300,000 when compared to advanced hybrid buses, Proterra said.

Additionally, the neighborhood friendly EcoRide BE-35 reduces noise pollution to a fraction of that produced by today's traditional diesel buses.

"The performance of Proterra's vehicles, combined with the results of our comprehensive analysis of Proterra's innovative energy storage, drive and related vehicle platforms, made the investment decision easy," said Ignacio Iribarren, managing director of MK E+I. "Our goal is to help Proterra vehicles become the standard in the United States and, eventually, in Europe and Latin America."

MK Energy and Infrastructure was formed in June 2009 as a division of The Michael Kenwood Group based in Stamford, Conn.