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Old 08-12-2019, 06:46 AM   #1
Scooby Guru
Member#: 73805
Join Date: Nov 2004
Default Bus Maker Proterra May Hit $1 Billion Valuation

Proterra, a Silicon Valley-based electric bus maker that may be eyeing an IPO, has a new fundraising round in the works that likely pushes the company to a unicorn-class valuation of $1 billion, according to a monitor of high-value startups.

The supplier of transit buses to cities across the U.S., which employs dozens of former Tesla engineers and executives, registered a private equity sale on August 2 that could raise up to $75 million, according to Prime Unicorn Index, a company that tracks the share price performance of private companies valued at $500 million or more. If it raises the maximum amount, Proterra’s cumulative funding will reach at least $600 million in addition to buoying its valuation.

“If it’s fully funded, we’ve got them at just over a billion—$1.04 billion is where our valuation comes out,” Justin Byers, Prime Unicorn Index’s director of business analytics and valuations, told Forbes. Shares from the Series 8 round may be worth up to $6.9075, and it includes a “Senior” liquidation preference, he said.

Proterra declined to comment on the matter.

The funding move comes as Proterra said this week it’s expanding beyond transit buses with a new business unit to sell its batteries, motors and other components for use in commercial trucks, sanitation vehicles and a range of heavy-duty models. After a decade of working with transit operators, the Burlingame, California-based company wants to cash in on growing demand for zero-emission fleets, particularly in California, through its new Proterra Powered unit.

The company hired underwriters from investment banks including JPMorgan Chase, Morgan Stanley and Deutsche Bank for an IPO that could happen this year, Reuters reported last month, citing people familiar with the matter. Proterra CEO Ryan Popple, who was a member of Tesla’s finance team when that company went public in 2010, would not confirm the IPO plans. Still, Popple told Forbes in a 2016 interview an IPO was possible within a few years, without elaborating.
Current Proterra investors include GM Ventures, Daimler and BMW and VCs such as Kleiner Perkins Caufield & Byers and Tao Capital Partners.
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Old 08-12-2019, 12:28 PM   #2
Papi Chulo
Member#: 53794
Join Date: Jan 2004
Chapter/Region: RMIC
Location: Boner kill city
... 2017 BMW M2
2017 F-150


I’ve seen a few of their busses out and running’s look pretty solid.
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Old 08-12-2019, 01:33 PM   #3
Scooby Newbie
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Join Date: Nov 2013
Location: NorCal 707 to 916
2015 wrx limited
crystal black


Thanks! I'll keep this on my stock watch!!
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Old 08-12-2019, 03:25 PM   #4
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2018 Leg / Ridgeline
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Good for them! Keep it up. Smart idea
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Old 08-14-2019, 11:19 PM   #5
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Join Date: Jun 2004
Chapter/Region: NWIC
Location: Seattle

Originally Posted by SCRAPPYDO View Post
Good for them! Keep it up. Smart idea
Yeah it is, but Proterra took it too far and tried to get too creative. Lots of their inovations created pain points for maintenace/repair and use. These oddities in their design (composite body, lack of safe points to lift the bus, even the windshield, the rear door that is about 6" higher than comps) will give an opening to Gillig and Newflyer to take the BEV bus market. It was a cool idea, but Proterra lacked the bus industry side of execution, hopefully their next gen bus does the basic bus stuff better.
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