Electric bus maker Proterra raises $40 million in additional funding

Proterra action shot (Proterra) 2

Electric bus manufacturer Proterra has raised more than $30 million in additional funding, and expects to close on another $10 million within the coming weeks. Kleiner Perkins and GM Ventures led the financing, with another ten or so venture capital firms participating.

Proterra electric vehicles have logged over 400,000 zero-emission miles in 11 US cities.

Proterra’s buses are purpose-built as battery-electric vehicles, and incorporate range-maximizing technologies such as lightweight composites and autonomous recharging. The company’s first-generation product build slots are filled through the rest of the year. Proterra plans to introduce a second-generation product later this year, which it says will be the lightest, most efficient and highest passenger capacity coach in its class, with the lowest per-passenger cost and environmental impact of any transit technology.

Proterra_V2_-rear_angle_shot

“This funding is a vote of continued confidence by our investors who represent leaders in the automotive, energy and tech industries of the increasing momentum for the electrification of transit and Proterra EV buses’ role in this effort,” said Proterra CEO Ryan Popple. “EV transit is no longer an idea for the future; it is real and working daily in cities across the country. EV technology is an ideal fit for urban transit, and this funding will accelerate Proterra’s ability to market a zero-emission, low-cost, clean option for urban mobility to more communities.”

Joby Pritzker of Tao Invest noted, “Tao is committed to clean technologies that will have a profound effect on the world around us. Proterra is a natural fit for this investment strategy. Through its continued growth, Proterra has led the charge in electrifying transit, enhancing sustainable mobility options in urban environments across the country.”

“We are pleased to expand our investment in Proterra, which is playing a leading role in creating electric-powered transportation alternatives for mass transit systems,” said Bert Valdman, Senior VP at Edison International. “Our company has been a pioneer in the research and development of electric transportation technologies. In a region like California, where air quality is so important to our quality of life, it is critical to accelerate the electrification of mass transit capabilities throughout our communities.”

 

Source: Proterra