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Proterra Inc. (PTRA) stock is on a rise today: Here’s Why

Shares of the Proterra Inc. (PTRA) stock were rising in the current market trading session today on November 8, 2021. PTRA stock price saw a push of 21.35% to reach $12.96 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 8.01% at closing. Let’s dig in to explore more about this stock.

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Proterra Inc is engaged in the development and production of electric vehicles. The company is mainly operational through three business units; Proterra Energy, Proterra Powered, and Proterra Transit. PTRA stock has a market cap of $2.26 billion and a 2,077,671 average trading volume.

What’s Happening?

The Los Angeles Department of Transportation recently announced that California Energy Commission has awarded a $6 million grant to the agency. The purpose of this grant is to install one of the largest EV fleet charging systems in the United States. The solar and storage grid will power the system.

The agency is on a mission to transition itself fully electric fleet by 2028. PTRA stock along with Apparent will install an EV-charging microgrid at the Washington Bus Yard of the agency to manage EV charging as well as overall use of energy for over 100 electric buses.

Los Angles is keen to achieve a zero-emission future and investments in a clean transportation system are driving the progress of this mission. The increase of electric vehicles in the future is obvious and this will lower the emissions thus resulting in a healthier and sustainable tomorrow.

Collaboration of PTRA stock with Komatsu:

On October 26, 2021, PTRA stock did announce the collaboration with Komatsu which is playing the lead role in construction and mining equipment. The motivation behind this collaboration is to electrify the next-generation underground mining machines via Proterra’s battery technology.

Under this partnership, Komatsu will get H Series battery system technology by PTRA stock for the development of battery-electric LHDs, drills as well as bolters used for hard rock mining. Furthermore, Komatsu is anticipating using high-performance battery systems of PTRA stock in order to develop prototype machines the commercial production of which is expected to commence in 2022.

Conclusion:

So far so good for PTRA stock as far as market sentiment is concerned. The management of the company is striving hard to meet the demands of the industry. From an investment perspective, deep fundamental, as well as technical analysis, is necessary before making any decision.

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