Proterra (NASDAQ:PTRA) stock is jumping on Tuesday after announcing a multi-year deal to supply electric vehicle (EV) batteries for buses.
The vehicle electrification technology company signed a deal with ElDorado National for the EV batteries. This will have the batteries being used in the latter’s second generation of electric transit buses.
ElDorado National is developing three sizes of its electric transit buses at 32 feet, 35 feet and 40 feet. These will be available to transit agencies starting in 2023 and will be powered by Proterra’s S-Series battery system.
Proterra designs and manufactures its EV batteries in the U.S. The company’s batteries have already been used for more than 30 million miles of travel in Proterra Transit vehicles. They’ve also been used by commercial delivery, transit and work vehicles.
Chris Bailey, president of Proterra Powered & Energy, said the following in a news release.
“Public transit is at the forefront of electrification. Along with our partners at ENC, we’re delighted to help power this critical transformation with our battery technology and help bring cleaner air to cities and towns across the United States through zero-emission transportation.”
PTRA stock is up 4.2% as of Tuesday afternoon. However, the company’s shares are still down 35.3% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.