The U.S. government agency responsible for forecasting trends in energy supplies and consumption has "consistently and significantly" underestimated the growth of renewable energy and developed a track record of providing flawed reports to policymakers and planners, a report from the Advanced Energy Economy Institute says.
Proterra closed a $55 million strategic financing round to fund its growing all-electric bus business.
The $30 million Series D equity round was led by several new strategic investors including a sovereign fund from the Middle East, Mike Dorsey and Miriam Rivera, as well as individual investors and an unnamed family office. There was also a $25 million debt financing round with new investor Hercules Technology Growth Capital.
The firm has raised a total of more than $230 million in VC funding from investors including KPCB, GM Ventures, Hennessey Capital, NMT Capital, Mitsui & Co. Global Investment, 88 Green Ventures and Vision Ridge Partners.
The combination of funding is expected to carry Proterra to profitability. “While the company has made great strides within the last year, we’re really looking forward to supporting Proterra through this next stage of expansion,” Michael Linse, a partner at KPCB and Proterra board member, said in a statement.
The injection of debt capital will help fund Proterra’s new manufacturing facility in California. The company’s CEO, Ryan Popple, recently told Greentech Media’s Eric Wesoff that it has 100 electric buses shipped or under...