Proterra Scales Battery Leasing Program, Creating $200 Million Credit Facility with Mitsui & Co.
Pioneering battery leasing program lowers upfront costs of electric buses to be competitively priced against diesel, removing one of the biggest barriers to adoption.
“By decoupling the batteries from the sale of its buses, Proterra enables transit customers to purchase the electric bus and lease the batteries over the 12-year lifetime of the bus. As a result of the battery lease, the initial capital expense for the electric bus will be similar to a diesel or CNG bus, and customers can utilize the operating funds previously earmarked for fuel to pay for the battery lease. Additionally, under the 12-year battery lease, Proterra will own and guarantee the performance of the batteries through the life of the bus, decreasing operator risk.” Proterra stated in their release.