Electric bus manufacturer Proterra has raised $140 million in a Series 5 round. Proterra partnered with J.P. Morgan to close the equity funding, which was led by $40 million from an undisclosed investor, an additional $60 million from several new investors, and joined by existing board level investors Tao Capital Partners, Kleiner Perkins, GM Ventures, Constellation Technology Ventures, 88 Green Ventures, Edison Energy, Inc. and others.
This growth equity financing signals an accelerated manufacturing phase for Proterra, as the company doubles production to meet growing customer demand across the United States.
In September 2016, its engineering team unveiled what is now the world’s most efficient battery system for heavy-duty transportation, offering a 350-mile nominal range in the new Catalyst E2 Series, capable of executing any typical U.S. mass transit route on a single charge. In addition, the company’s 2016 sales awards more than doubled from 2015. (Earlier post.)
With $140 million of new capital, Proterra will accelerate production capacity on both coasts, while continuing to develop its next generation of heavy-duty electric vehicle products. Proterra aims to increase production in its East Coast facility, located in Greenville, South Carolina, by 300% and initiate production in its City of Industry facility in Los Angeles County.