Published Feb. 20, 2013
Greenville-based Proterra Inc. recently enter into an agreement with an equipment finance provider to boost sales of its zero-emission, battery-electric transit buses.
Headquartered outside Denver, Key Equipment Finance will create new funding options and offer financing packages for transit agencies, corporations and other commercial entities seeking to purchase Proterra’s EcoRide buses.
“Our new financing package from a top-tier lender provides an exciting opportunity for those who want and need to upgrade or expand their aging fleets, but don’t have the budget to do so,” said Ian Shackleton, Proterra’s vice president of marketing and sales, in a news release.
This new partnership is designed to provide transit agencies with an additional method of funding the local portion of Federal Transit Administration-supported bus purchases.
“With many federal grant programs no longer available and many transit properties unable to secure the local match dollars needed to supplement their Federal Transit Administration funding, this new option will be attractive to agencies of all sizes looking to upgrade or expand their fleets,” according to a company news release.
Under terms of the deal, purchasers can finance up to 100% of the cost of each bus, allowing them to spread their payments over time.
Proterra and Key Equipment Finance both expect continued growth from commercial buyers, including corporations and colleges and universities, according to a news release.
“We look forward to this partnership and are confident Proterra will see even greater customer satisfaction as the result of offering flexible financing as part of the sales process,” said Tim Duerr, senior vice president of business development at Key Equipment Finance, in a news release.
Key Equipment Finance is a national equipment finance provider for commercial clients and government entities. Through its vendor services unit, equipment finance programs are developed for manufacturers, distributors and resellers in the U.S., Canada and Europe. Key manages $8.5 billion in assets and originates nearly $4 billion of equipment financing annually.