Electric bus manufacturer Proterra 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.
As Proterra continues to build upon its 60% market share in the North American electric transit market, this new funding will support the company’s East and West coast production capabilities and its commitment to ongoing technology innovation.
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 cities and communities in the US, including Seattle, Dallas, Nashville, San Jose, Philadelphia and Reno.
The company recently launched of the industry’s first autonomous bus development program with the University of Nevada, Reno.
For BMW i Ventures, this represents its first investment in heavy-duty electric vehicle manufacturing underscoring the transition to electric mass transit. United by a shared belief in responsible citizenship and sustainable transportation technology, Proterra will work closely with Generation and BMW i Ventures to help communities transition to zero-emission mobility fleets.
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. Due to Proterra's efforts, electric mass transit is overtaking fossil-fuel buses as the new standard.—Zach Barasz, partner at BMW i Ventures