Hennessey Capital has led a $23m Series B into Proterra, a provider of zero-emission commercial transit solutions and the maker of the world’s first battery-electric fast-charge transit bus. Private equity firm NMT Capital also participated as well as existing investors, Kleiner Perkins Caufield & Byers, GM Ventures, Mitsui & Co. Global Investment, Inc., 88 Green Ventures and Vision Ridge Partners.
Rajiv Ghatalia, president of Hennessey, will join Proterra’s Board as an advisor in conjunction with investment . Ghatalia has previously spent time at Goldman Sachs and Warburg Pincus,
Ghatalia commented: “Our investment in Proterra demonstrates our firm belief and that of our fellow investors that the company’s EcoRide™ has solved a major concern for the world’s aging transit fleets – that is, how to deliver emissions free, quiet bus transit that provides an attractive financial return for struggling transit agencies”
David Bennett, Chief Executive of Proterra’s said of the deal: “We intend to use the funds and to leverage Mr. Ghatalia’s global finance expertise and keen business acumen to continue our growth.”
In 2010 the Securities and Exchange Commission took action against the U.S-based Michael Kenwood Group, an investment firm that had put in $20m into Proterra, according to www.equities.com . Proterra was subsequently backed in 2011 with a $30m investment from Kleiner Perkins, GM Ventures, Mitsui, Vision Ridge Partners and 88 Green Ventures.
Proterra raised $15m in working and growth capital finance from the Silicon Valley Bank in 2011