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October 16, 2020 3:15 PM, EDT

Proterra Gets $200 Million From Private Equity Firms

ProterraProterra's Catalyst bus. (Proterra)

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Proterra, whose focus is on heavy-duty electric transportation especially for buses, announced a $200 million investment led by Cowen Sustainable Advisors along with supporting investments 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, and business development activities to expand the use of Proterra’s technology in additional commercial vehicle segments.

Also, the funds will support its energy business to provide supplemental charging and energy management services that can lower fleet management costs, according to the Burlingame, Calif.-based company.

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Proterra reported it has sold and delivered more battery-electric transit buses in North America than any other manufacturer.

At the same time, in February, Freightliner Custom Chassis Corp., a unit of Daimler Trucks North America, announced it partnered with Proterra to develop a production-ready version in 2020 of Freightliner’s all-electric MT50e truck chassis. It is intended as a zero-emission, last-mile delivery vehicle.

The MT50e battery system from Proterra will feature 226 kilowatts of energy capacity and an all-electric, zero-emission drive system. It will have a gross vehicle weight rating of 16,000 to 23,000 pounds, putting it in the Classes 5-6 segments.

The vehicle is designed with a range of about 125 miles and can fully charge in about three hours with direct current fast charging, according to Gaffney, S.C.-based FCCC.

Launched as a prototype at the 2019 Work Truck Show, the MT50e is the first of several planned commercial electric vehicles from FCCC for use in a variety of applications. — Transport Topics

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