California-based automotive and energy storage company Proterra has registered private equity sale that is expected to close at $75 million. According to Prime Unicorn Index, the company plans to achieve this by authorizing the sale of 10,857,762 shares at a price of $6.91 in its Series 8 funding round.
If things go as expected, it will push the company’s total valuation to $1.04 billion to gain the unicorn status. The startup is eying for IPO, and this strategic move would set an optimistic tone for it. However, Proterra has not made any comments on this.
“If it’s fully funded, we’ve got them at just over a billion, $1.04 billion is where our valuation comes out,” revealed Justin Buyers, Director of Business Analytics and Valuation of Prime Unicorn Index.
Founded in 2004, the startup has a long portfolio of electric buses that are sold to state, federal and, commercial transit agencies.
Proterra’s success is driven by former Tesla employees who are currently housed in the leadership and key positions of the company. The electric buses manufactured by Proterra are capable of traveling 350 miles on a single charge.
The company had recently closed $551.77 million in funding that witnessed the participation of G2VP, Kleiner Perkins Caufield & Buyers, Constellation Ventures, General Motors’ venture arm, Federal Transportation Administration, among many others.
It is also backed by the Japanese Mitsui & Co, which enabled the company to come up with a battery leasing program. Proterra has hired underwriters from JPMorgan Chase, Morgan Stanley, and Deutsche Bank to enlist the company as IPO.
Proterra has extended its services to introduce a new initiative called Proterra Powered to sell its patented battery systems, powertrain technology, and charging infrastructure to commercial operators. The startup also has plans to manufacture electric school buses that are expected to hit the streets by 2020.
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