Benzinga | Jan 13, 2022 02:48PM EST

Proterra Inks Battery Supply Agreement With Vicinity Motor

* Proterra Inc (NASDAQ:PTRA) has signed a multi-year supply agreement to power Vicinity Motor Corp's (NASDAQ:VEV) electric transit buses and work trucks with its battery technology. The financial terms were not disclosed.

* The deal includes battery supply for a minimum of 600 Vicinity commercial electric vehicles through 2024.

* Under the agreement, Proterra battery systems will power the Vicinity Lightning 28-foot electric transit bus and Vicinity's strip chassis platform to support several commercial vehicle configurations such as utility trucks, shuttle buses, and box trucks.

* The arrangement is also expected to support Vicinity's next-generation heavy-duty electric transit bus and the VMC 1200 Class 3 work truck and VMC 1500 Class 5 work truck with Proterra battery systems.

* The Proterra Powered Vicinity Lightning vehicle is expected to begin production in Q3 of 2022.

* Price Action: PTRA shares are trading higher by 5.10% at $10.72 and VEV down by 0.29% at $3.39 on the last check Thursday.