PTRA - Proterra gains after announcing new battery tech deal

Proterra Inc ( NASDAQ: PTRA ) traded higher on Tuesday after the company announced a new collaboration to power ENC’s second-generation electric transit buses with its own battery technology.

Under the multi-year supply agreement, Proterra ( PTRA ) will supply its S-Series battery system to power ENC’s Axess Battery Electric Bus that will be available to transit agencies in 32-foot, 35-foot, and 40-foot models.

Delivery of the first Proterra Powered ENC Axess EVO-BEs is expected to begin in 2023.

The company said its battery systems have been proven through more than 30M service miles driven by Proterra Transit vehicles and selected by world-class commercial vehicle manufacturers to power zero-emission electric delivery vehicles and work trucks, semi-trucks, construction and mining equipment, school and coach buses, and low-floor cutaway shuttles.

Shares of PTRA moved up 1.29% in early Tuesday trading to $5.91 vs. the 52-week trading range of $4.27 to $13.22.

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