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Proterra (PRTA) Stock Gains On Miami-Dade Fleet Electrification Project

Updated: 22 Jun 2021

Electric vehicle technology firm Proterra's share price is gaining premarket after it announced a fleet electrification project with the Miami-Dade county.

The county will acquire 42 Proterra ZX5+ electric transit buses, featuring a total of 19 megawatt-hours of battery storage capacity, along with plans to install 75 Proterra chargers across three bus depots. The first electric buses are expected to be delivered in 2022.

The deal means that Miami-Dade will have, in total, 75 electric transit buses from Proterra.

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“Miami-Dade County has long been a leader in advancing forward-looking clean technology solutions. We are delighted to build on our partnership together and drive the county's switch to zero-emission, electric transportation with our EV technology,” said Jack Allen, Proterra CEO.

The company did not provide any financial details relating to the deal.

Proterra's share price is trading at $16.50 premarket, up 1.91% from the previous day's close. However, it is still some way off its all-time high of $31.06, seen in January this year.

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