Proterra Inc., the leading provider of zero-emission commercial transit solutions and maker of the world’s first battery-electric fast-charge transit bus, the EcoRide™, has announced it has entered into an agreement with Key Equipment Finance to offer a simple, straight-forward financing package for transit agencies, corporations and other commercial entities seeking to purchase Proterra buses.
This new partnership is designed to provide transit agencies with an additional method of funding the local portion of Federal Transit Administration (FTA) supported bus purchases. With many federal grant programs no longer available and many transit properties unable to secure the local match dollars needed to supplement their FTA funding, this new option will be attractive to agencies of all sizes looking to upgrade or expand their fleets. Under terms of the deal, purchasers can finance up to 100 percent of the cost of each bus, allowing them to spread their payments over time and provide for a capital cushion in an uncertain economic environment.
With the growing movement toward more sustainable transportation, Proterra and Key Equipment Finance also believe that this financing option will generate interest from commercial buyers, including corporations and colleges and universities, who are more accustomed to equipment financing.
Because Proterra buses have been proven to dramatically reduce fleet operating expenses through significant fuel and maintenance cost savings, Proterra predicts that many agencies and corporations will be able to pay for the bus financing with these savings.
“Our new financing package from a top-tier lender provides an exciting opportunity for those who want and need to upgrade or expand their aging fleets but don’t have the budget to do so,” said Ian Shackleton, vice president of marketing and sales, Proterra Inc. “Our partnership with Key Equipment Finance gives them a viable option to meet their needs in times of fiscal uncertainty. This financing package is an excellent example of the type of innovative public/private partnership the FTA encourages.”
“Proterra’s entire corporate philosophy is built on putting the customer first, and this finance program is one more example of a Proterra offering designed with the customer’s needs in mind,” said Tim Duerr, senior vice president of business development at Key Equipment Finance. “We look forward to this partnership and are confident Proterra will see even greater customer satisfaction as the result of offering flexible financing as part of the sales process.”
Key Equipment Finance is one of the largest bank-based equipment finance providers in the U.S. The company provides tailored equipment lease and finance solutions for commercial clients and government entities. Through its vendor services unit, equipment finance programs are developed for manufacturers, distributors and resellers in the U.S., Canada and Europe. Key Equipment Finance also provides lease capital markets support for corporations looking to optimize risk and revenue.