Proterra Inc. (NASDAQ:PTRA) and ElDorado National (California) have announced a multi-year supply deal to use Proterra battery technology to power the next-generation Axess® Battery Electric Bus (EVO-BE).
Proterra Inc. (NASDAQ:PTRA)
After announcing a new partnership to use its own battery technology to power ENC’s second-generation electric transit buses, Proterra Inc. (NASDAQ:PTRA) saw its shares rise on Tuesday.
The Proterra (NASDAQ:PTRA) S-Series battery system will be used to power ENC’s Axess Battery Electric Bus, which will be offered to transit agencies in 32-foot, 35-foot, and 40-foot variants, in accordance with the multi-year supply deal.
Performance Update for Q2
PTRA managed to generate strong revenue growth, according to Q2 filings. It produced more than 50 buses during the second quarter, as promised earlier in the year, and helped the Transit business’ supply problems. I was quite happy to hear the roll-out figure since it indicates that PTRA is on track to meet its goal of 200 buses for the entire year.
In comparison to the prior year, the revenue of its second sector, Powered & Energy, doubled. Although more batteries were sold, if I compare its performance to the previous quarter, I see a decreased segment revenue. The fact that the price per battery decreased despite rising raw material prices may initially seem frightening. In actuality, the decreased prices are a result of greater demand in the bus sector, where smaller capacity batteries are needed. The batteries with lower MHh are more affordable since the price is determined by MWh, or megawatts per hour, rather than each battery. As a result, PTRA’s battery business is projected to achieve full-year goals and gain more traction with consumers.
Regrettably, Proterra’s Energy (charging infrastructure) division was unable to resolve sourcing issues. Karina Padilla, the chief executive officer of Proterra, mentioned some escalating supply-side problems during the company’s second-quarter results call.
Featured Image- Megapixl @Photomall