Published Nov. 21, 2012
Greenville-based Proterra Inc. announced Wednesday it secured a $23 million investment from several investors.
The financing will help the electric-bus maker expand into new markets, accelerate delivery to its U.S. customers and develop new technologies, according to a press release.
The financing round was led by new investor, Hennessey Capital, who joined additional outside investor NMT Capital as well as existing investors, Kleiner Perkins Caufield & Byers; GM Ventures; Mitsui & Co. Global Investment Inc.; 88 Green Ventures; and Vision Ridge Partners.
In conjunction with the investment closing, Hennessey President and Founder Rajiv Ghatalia will join Proterra's board as an adviser.
Before founding Hennessey Capital, Ghatalia spent 16 years in Asia Pacific, first at Goldman Sachs then at Warburg Pincus, and has served on boards such as Transpacific Industries, Nikko Asset Management and Junior Achievement.
"Our investment in Proterra demonstrates our firm belief and that of our fellow investors that the company's EcoRide has solved a major concern for the world's aging transit fleets — that is, how to deliver emissions-free, quiet bus transit that provides an attractive financial return for struggling transit agencies," Ghatalia said in a news release. "Proterra's innovative products, industry leading customers, top flight management and talented workforce have this company poised for tremendous future success, and I look forward to being a part of the team charged with taking this thriving company to the next level."
Proterra said it has tripled its orders under contract from public transit agencies in the past 12 months for its flagship EcoRide bus.
"This latest round of investment and the addition of Mr. Ghatalia to our board are evidence of the vast progress Proterra has made in terms of business development, infrastructure, technological advancement, demand generation and process improvements, and to our investors' confidence in our business," Proterra CEO David Bennett said in a news release. "We intend to use the funds and to leverage Mr. Ghatalia's global finance expertise and keen business acumen to continue our growth."