Electric Bus Maker Proterra Raises $55 Million

Proterra, a leading heavy-duty electric transportation company — notably buses — has announced that it has closed a $55 million Series 6 round, on the heels of an oversubscribed $140 million Series 5 in January.

Generation Investment Management LLP, a long-term, sustainability focused investment firm led the round, which was joined by BMW i Ventures, the corporate venture capital team founded by BMW Group in 2011.

Former U.S. Vice President and Generation Investment Management Chairman Al Gore said, “More than ever before, cities are looking for sustainable transportation solutions that can reduce pollution efficiently and effectively. Proterra is incredibly well positioned to help accelerate the growth of sustainable cities and continue our transition to a clean energy economy.”

Proterra will utilize the $55 million to increase production at its manufacturing facilities in South Carolina and Los Angeles, while also bolstering research and development efforts at the company’s headquarters in Silicon Valley.

Currently, the company has sold more than 400 vehicles to some of the country’s most innovative cities and communities, including Seattle, Dallas, Nashville, San Jose, Philadelphia and Reno.

The company recent launched the industry’s first autonomous bus development program with the University of Nevada, Reno.

Category: Featured, General Update, Green