Proterra Inks Battery Supply Agreement With Vicinity Motor

·1 min read
  • Proterra Inc (NASDAQ: PTRA) has signed a multi-year supply agreement to power Vicinity Motor Corp's (NASDAQ: VEV) electric transit buses and work trucks with its battery technology. The financial terms were not disclosed.

  • The deal includes battery supply for a minimum of 600 Vicinity commercial electric vehicles through 2024.

  • Under the agreement, Proterra battery systems will power the Vicinity Lightning 28-foot electric transit bus and Vicinity's strip chassis platform to support several commercial vehicle configurations such as utility trucks, shuttle buses, and box trucks.

  • The arrangement is also expected to support Vicinity's next-generation heavy-duty electric transit bus and the VMC 1200 Class 3 work truck and VMC 1500 Class 5 work truck with Proterra battery systems.

  • The Proterra Powered Vicinity Lightning vehicle is expected to begin production in Q3 of 2022.

  • Price Action: PTRA shares are trading higher by 5.10% at $10.72 and VEV down by 0.29% at $3.39 on the last check Thursday.

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