First Proterra Powered commercial EV battery produced at new Powered 1 battery factory

Rhea-AI Summary

Proterra Inc (NASDAQ: PTRA) has achieved a significant milestone by producing its first EV battery at the new Powered 1 manufacturing plant in Greer, South Carolina. This facility is expected to be the largest battery manufacturing site in the U.S. dedicated solely to electric commercial vehicles, and it aims to begin customer deliveries in Q1 2023. The plant will also produce drivetrains and ancillary systems, creating over 100 new jobs. With multiple gigawatt hours of production capacity planned, Proterra is well-positioned to meet the growing demand for zero-emission transportation.

Positive

• Production of first Proterra Powered EV battery at new facility.
• Facility expected to be largest U.S. battery plant exclusively for commercial EVs.
• Customer deliveries to begin in Q1 2023.
• Creation of over 100 new jobs at the Powered 1 plant.
• Multiple gigawatt hours of annual production capacity planned.

Negative

• None.

GREER, S.C., Jan. 12, 2023 (GLOBE NEWSWIRE) -- Proterra Inc (NASDAQ: PTRA), a leading innovator in commercial vehicle electrification technology, today announced that the company has produced the first Proterra Powered EV battery at its new Powered 1 battery manufacturing plant located in Greer, South Carolina.

By achieving this end-to-end production milestone at Powered 1, Proterra is expected to begin deliveries to customers of Proterra Powered™ battery systems from the new battery factory in the first quarter of 2023. In addition, Powered 1 has started production of drivetrains and other ancillary systems incorporated into electric medium- and heavy-duty electric vehicles and equipment, such as high voltage junction boxes.

“Today marks an important step forward in our company’s journey towards shaping an all-electric, emissions-free future. Achieving this important milestone at Powered 1 a little over a year after announcing our plans for the factory is a reflection on the talent, innovation, and collaboration of our incredible team at Proterra,” said Proterra CEO Gareth Joyce. “At full scale, we believe Powered 1 will be the largest battery manufacturing facility in the United States dedicated exclusively to electric commercial vehicles and we’re poised to meet the incredible opportunities that lie ahead for zero-emission transportation.”

Powered 1 is Proterra’s first purpose-built, high-volume battery production plant in the Eastern United States with multiple gigawatt hours of annual production capacity planned at the facility. Proterra has already created more than 100 new jobs at the 327,000 square foot battery plant, with roles including engineering, production, quality, and other positions within the company’s Proterra Powered & Energy business unit.

By opening the company’s first battery factory in South Carolina Proterra is bringing state-of-the art battery production closer to its Proterra Powered customers on the East Coast, Europe, and its own Proterra Transit electric bus manufacturing operations in Greenville, South Carolina.

About Proterra
Proterra is a leader in the design and manufacture of zero-emission electric transit vehicles and EV technology solutions for commercial applications. With industry-leading durability and energy efficiency based on rigorous U.S. independent testing, Proterra products are proudly designed, engineered, and manufactured in America, with offices in Silicon Valley, South Carolina, and Los Angeles. For more information, please visit www.proterra.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements with respect to Proterra 1, including expectations that the facility at scale will be the largest battery plant in the U.S. dedicated exclusively to commercial EVs, the timing of customer deliveries from the facility; the expected capacity of the facility and growth plans for Proterra 1; the opportunities for commercial vehicle electrification and Proterra’s ability to meet demand; the expected the location of Proterra’s customers and suitability of Powered 1 to serve customers, and expectations with respect to macroeconomic impacts and demand for Proterra’s products. Forward-looking statements are predictions, projections, expectations and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including risks and uncertainties set forth in the sections entitled “Risk Factors” in Proterra’s Annual Report for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 14, 2022, and in Proterra’s subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The forward-looking statements included in this press release speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Proterra assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Proterra does not give any assurance that it will achieve its expectations.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8ed72b4a-9512-4ef6-98a7-fb6a34b79167

FAQ

What recent achievement did Proterra (PTRA) announce?

Proterra announced the production of its first EV battery at the Powered 1 manufacturing plant.

When will Proterra start delivering batteries to customers?

Proterra is expected to begin deliveries in the first quarter of 2023.

Where is Proterra's new manufacturing plant located?

The new manufacturing plant is located in Greer, South Carolina.

What is the planned capacity of Proterra's Powered 1 facility?

The Powered 1 facility aims to have multiple gigawatt hours of annual production capacity.

How many jobs has Proterra created at the Powered 1 plant?

Proterra has created more than 100 new jobs at the Powered 1 plant.