Mitsui invests in bus battery leasing scheme

A US$200 million credit facility to support a battery-leasing programme for electric buses in North America has been launched by Japanese chemicals company Mitsui & Co and automotive firm Proterra.

The companies said the initiative is expected to lower the upfront costs of zero-emission buses and make Proterra’s electric buses “roughly the same price as a diesel bus”.

California-based Proterra said bus operators can purchase a vehicle and lease its battery packs— based on lithium-ion technology co-developed with South Korea’s LG Chem— over the 12-year lifetime of the bus.