South Carolina Research Authority (SCRA) announced that a company in which its affiliate, SC Launch, Inc., has an investment, Proterra Inc. (Proterra), began trading its common stock and warrants on Nasdaq Global Select Market this week under the stock ticker symbols of “PTRA” and “PTRAW.” Proterra is a leading innovator in commercial vehicle electrification technology.
The SC Launch, Inc. investment dates back to the early days of Proterra. Based on the promise of other funding, the company relocated from Colorado to Greenville, South Carolina. When the expected investment did not materialize, SC Launch, Inc., Venture South, and a handful of other South Carolina-based investors stepped in to keep Proterra viable during a crucial period in the young company’s existence. This cash infusion provided management with the financial resources needed to weather the storm and emerge on the other side stronger, with the ultimate result being a publicly-traded firm.
“The Proterra story really is a phenomenal example of why we do what we do every day. Our mission is to fuel our state’s innovation economy by providing financial and other resources, at critical times, to South Carolina’s technology-based startups to help them achieve their next level of growth. This results in job creation and economic development for our state,” said Bob Quinn, SCRA Executive Director. “I was privileged to join Proterra’s team as they ceremoniously closed the Nasdaq trading session. This represents an amazing culmination of the power of a compelling vision and tremendous commitment.”
Proterra has three complementary businesses:
Proterra Powered: Delivering industry-leading battery systems and electrification solutions to commercial vehicle manufacturers;
Proterra Transit: Leading North America as the market’s #1 electric transit bus OEM; and
Proterra Energy: Offering end-to-end turnkey charging and energy management solutions.
President Joe Biden recently virtually toured Proterra’s Greenville electric bus manufacturing facility where they employ approximately 350 employees. Proterra also has operations in California.
About SC Launch Inc.
https://www.scra.org/sclaunchinc/ Established in 2006, SC Launch, Inc., is an independent, nonprofit corporation affiliated with SCRA, which provides loans and investments to selected South Carolina-based companies participating in the SC Launch program.
About SCRA
https://scra.org/ Chartered in 1983 by the State of South Carolina as a public, nonprofit corporation, South Carolina Research Authority (SCRA) fuels South Carolina’s innovation economy through the impact of its four programs. SC Academic Innovations provides funding and support to advance translational research and accelerate the growth of university-based startups. SC Facilities offers high-quality laboratory and administrative workspaces for technology-based startups and academic institutions. SC Industry Solutions facilitates and funds partnerships between and among startups, industry, and academia. SC Launch mentors and funds technology-based startups that may also receive investments from SCRA’s investment affiliate, SC Launch, Inc.
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