Electric bus manufacturer Proterra has closed a Series 6 round of funding, raising $55 million from various investors, including BMW i Ventures.
Proterra will use the new money to increase production at its manufacturing facilities in South Carolina and Los Angeles, and to boost R&D efforts at company headquarters in Silicon Valley.
For BMW i Ventures, this represents its first investment in heavy-duty EV manufacturing.
“BMW i Ventures invests in companies that will transform mobility and transportation, and Proterra is pushing the mass transit industry forward with the most innovative heavy-duty electric bus,” said Partner Zach Barasz. “Due to Proterra’s efforts, electric mass transit is overtaking fossil-fuel buses as the new standard.”