- Company authorized shares to raise millions.
- Daimler co-led a $155 million funding along with Tao Capital Partner.
- Proterra is lending its battery and drive train expertise.
The company, Proterra, has authorized shares to raise $75 million. This was a new round of funding that would push the electric bus maker’s valuation past $1 billion. This was observed and learned by TechCrunch.
According to a securities filling that was obtained by the Prime Unicorn Index, a company that tracks the performance of private U.S. companies, and reviewed by TechCrunch, the company authorized the sale of 10,857,762 shares at a price of $6.91 in a Series 8 round.
The company’s total valuation would be $1.04 billion, pushing it into “unicorn” territory if all of the shares are issued. This was claimed by Prime Unicorn Index.
According to a report last month by Reuters that actually said Proterra had hired underwriters from Deutsche Bank, JP Morgan Chase and Morgan Stanley. The report also said that the efforts to raise capital come as the company explores an IPO.
The company had raised a total of $551.77 million in funding from investors that included G2VP prior to this August 2 filling.
It also included Kleiner Perkins Caufield and Byers, Constellation Ventures, Mitsui And Co. as well as BMW I Ventures, Edison Energy, the Federal Transportation Administration, General Motor’s venture arm and Tao Capital Partners.
Proterra has a line of electric buses, hundreds of which have been sold, that can travel 350 miles on a single charge. The company produces electric buses for municipal, federal and commercial transit agencies.
Calif. Company, the Burlingame, which has a number of former Tesla employees in leadership positions.
Also, including CEO Ryan Popple, has since diversified its business.
The latest reports say that the company, Proterra, rolled out in April a $200 million credit facility backed by Japanese investment giant Mitsui and Co. to scale up a battery leasing program aimed at lowering the barrier of entry of buying an electric bus.
The company announced it has added a new business line called Proterra Powered that will sell its vehicle battery systems. All the powertrain technology and charging infrastructure to commercial truck and manufactures of heavy- duty vehicles like garbage trucks.
The announcement was made in this month only.
The company announced last year it was working with Daimler to electrify the company’s Thomas Built Buses division, which makes a line of school buses. And, of course, this new business line stems from its previous relationships with companies like Van Hool and Daimler.
That relationship comes with some financial backing and agreement to share technologies.
Edward Deaver tweeted couple of hours ago, “Electric bus step 1. Step 2. Just imagine an electric autonomous bus that made the best routes depending on the number of people at a bus stop.”
Long Elon tweeted hours ago, “Proterra, the Tesla of electric buses, closes in on $1 billion valuation| TechCrunch.
I wish them the best of luck. They are run by a number of former Tesla employees. Tesla is seeding the industry.”