President Biden tours EV Company ProTerra | Recap
EV-News.com brings you a recap of the Biden virtual tour of
ProTerra's Greenville, South Carolina manufacturing plant.
Fun fact about President Biden is that he drove a school bus during college. This allowed him to pay for his education. You can tell he has the passion to electrify the public transit.
Infrastructure Plan/Jobs Plan
Includes $77B in an effort to help electrify the bus fleet
1) $45B to help transit agencies and school districts
2) $32B in financing to help EV Manufacturing and help Americans get jobs
Right now we are behind China. You guys (ProTerra) are getting us in the game - Joe Biden
ProTerra is North America's #1 Electric Bus company and one of the few commercial vehicle battery manufacturing companies. Having already sold 1,000 buses to date and with intention to scale to 1,000 per year, ProTerra has positioned themselves to be the frontrunners in this globally expanding industry. ProTerra has over 130+ customers in 43 US states and in Canada.
Where are ProTerra Buses?
1) City Transit
2) School Districts
5) National Parks
Greenville, South Carolina
Greenville, South Carolina recruited ProTerra 10 years ago to try and build a diverse manufacturing economy. The intention was to invest in Green infrastructure.
Greenville is located on the I-85 corridor and another aspect of their economy is in advanced manufacturing. Just up the road is the North American Headquarters of Michelin as well as the BMW manufacturing plant.
Jack Allen (CEO)
CEO Jack Allen gives us a tour of ProTerra's manufacturing plant.
He mentions ProTerra has 3 Businesses:
1) ProTerra Powered - Batteries/ Batteries as a Service
2) ProTerra Transit - Bus Manufacturing
3) ProTerra Energy - Charging Stations
1) Daimler/ Thomas Built Buses
2) Lighting eMotors
3) Optimal Buses
5) Komatsu (Construction)
Daimler/ Thomas Built Buses
Important note: V.P. Kamala Harris toured Thomas Built Buses in North Carolina the day prior to Biden's ProTerra virtual tour. ProTerra supplies them with their batteries.
“The ProTerra ZX5 can be equipped with 675 kWh of energy storage, to deliver up to 329 miles per charger, which represents the longest drive range for any 40 foot bus available in the market today”
VP of Manufacturing, Brian Miller, informs us that the composite body weighs 10% less than a diesel bus. This benefits assist in an increased range, help efficiency of the drivetrain, and the batter is installed n the bottom of the bus, makes a low center of gravity and a smooth comfortable ride.
TPI Composites (NYSE: TPIC)
TPI Composites is a company that specializes in making the Wind Turbine Blade. Since 2001, they have already manufactures over 65,000 blades. In 2020 they announce a deal with General Electric (NYSE:GE) & Vestas (OTC: VWDRY)
TPI Composites' website also states that they predict > 15% CAGR for the composite buses through 2025, and that eBuses are the fastest transitioning than any other major segment.
ProTerra's manufacturing plan in Greenville, South Carolina is getting a little crowded. ProTerra manufactures their batteries and charging stations in Los Angeles, California and Burlingame, California. With the intention to scale 1,000 eBuses per year, both ProTerra and Biden mentioned that they would need funding to expand/grow their manufacturing plants.
Federal Funding: Lo-No Program
The Low-No emission vehicle program (5339c) is a federal program that provides funding for state and local governmental authorities to purchase or lease low to no emission vehicles. This is what has allowed ProTerra to expand their network of buses from Alaska to Miami.
The budget in 2016 was $55,000,000 while in 2020 was $130,000,000
5X in 5 years
Jack Allen announced during the virtual tour that ProTerra expects to be 5x what they are today in 5 years. This is exciting news for EV-Enthusiasts as well as investors.
How to Invest?
(I use Fidelity to Invest, Robinhood for the User Interface)
ProTerra is doing great work in the electrification of our public transit system. What I like the most about the company is their vertical integration of the buses, batteries and charging stations. Not many EV companies as as well diversified in the EV ecosystem. The EV industry/investing had taken a hit for the past 2 months and appears to be on a reversal. I predict that ProTerra will carry my entire portfolio to new heights with patience. They have great leadership, a fantastic business model, and now the support of the President of the United States, Congratulation to ProTerra and congratulations to investors.