Proterra Inks Battery Supply Agreement With Vicinity Motor - Vicinity Motor (NASDAQ:VEV)

Proterra Inc PTRA has signed a multi-year supply agreement to power Vicinity Motor Corp's 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.