Tuesday, October 25, 2011
Proterra Gets $15M In Credit Facility
Broomfield, Colorado-based Proterra said today that it has secured a $15M working and growth capital financing from Silicon Valley Bank. Terms of the new credit line were not announced. Proterra, which makes drive systems, energy storage, vehicle control, and other technology for the electric bus industry, said the new funding will help it finance existing orders and new sales, as well as extend its runway until a new round of venture capital funding. Proterra's venture backers are 88 Green Ventures, GM, Kleiner Perkins Caufield and Byers, Mitsui & Co, MK Energy and Infrastructure, and Vision Ridge Partners.