BROOMFIELD, Colo., Oct. 25, 2011 /PRNewswire/ -- Proterra, the leading maker of zero-emission commercial transit solutions, secured $15M in working and growth capital financing from Silicon Valley Bank, financial partner to technology, cleantech and life science companies of all sizes worldwide. Proterra will use the new funds to help finance existing orders and new sales, and it will help extend financial runway to Proterra's next round of venture capital financing.
Servicing the growing market for zero-emission solutions in the transit industry, Proterra's EcoRide is the world's first battery-powered electric bus that can charge in less than 10 minutes, replacing conventional diesel buses. When compared to traditional diesel buses used throughout the country, the EcoRide consistently performs with up to 600 percent better fuel efficiency, averaging more than 21 MPGe when fully loaded with 64 passengers. Proterra's bus complies with federal and state mandates to reduce emissions 20 years ahead of the requirements. When compared to the diesel equivalent, fuel and maintenance cost savings will exceed $800K over the vehicle's life.
"The team at Silicon Valley Bank has been a diligent partner, helping us put together an excellent financing solution that will help us continue to grow," said Jack McFarland, CFO of Proterra. "Having a bank that understands that innovation requires creativity in all aspects of your business, including its financing, is invaluable. We are grateful for Silicon Valley Bank's support, as well as its broad set of services that will help us manage our business successfully."
In addition to new financing and cash management services, Proterra recently began working with Silicon Valley Bank's asset management team, its Analytics group for valuations and its CapMx product to manage its capitalization tables.
"What is so great about working at Silicon Valley Bank is the chance to work with innovative companies that are finding new and better ways to improve the status quo," said Cindy Schatz, senior relationship manager of Silicon Valley Bank in Colorado. "Although not yet in full production, Proterra's buses have already been sold to several municipalities to support their public transportation needs, and that's exciting."
Silicon Valley Bank's experienced cleantech bankers offer a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide.
With manufacturing in Greenville, S.C., Proterra is a leading designer and manufacturer of heavy-duty electric drive systems, energy storage systems, vehicle control systems, transit buses and fast-charging stations. Proterra's systems are scalable to all forms of commercial buses. Its ground-up designs have led to the EcoRide, the world's first full-size, 10-minute charge transit bus. For more information on Proterra and its technology, please visit: www.proterra.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
SOURCE Silicon Valley Bank