Greenville, South Carolina –Battery-electric bus manufacturer Proterra Inc. has raised more than $30 million in funding to accelerate further deployment of its zero-emission EV transit technology. Kleiner Perkins and GM Ventures led the financing, with significant growth funding from other existing investors.
Proterra leads the growing EV bus market and has battery-electric transit buses currently in use in cities across the country. The company’s first generation product build slots are filled through the remainder of the year, and Proterra plans to introduce its new second generation product to the transit industry later this year.
“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,” says 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.”
Another $10 million in funding is expected to close within the coming weeks, bringing the total for the financing to $40 million. Edison Energy Inc. and Constellation Technology Ventures, the venture capital arm of Exelon, have re-invested, expressing enthusiasm for the technology’s ability to allow the electrical grid to benefit consumers more broadly.
Tao Invest, Vision Ridge Partners and Hennessey Capital also joined Kleiner Perkins and GM Ventures, with Mitsui & Co. Global Investment Inc. and 88 Green Ventures set to follow by month’s end. In conjunction with the investment closing, Michael Smith, Constellation vice president and head of Constellation Technology Ventures, will join Proterra’s Board.
Source: Proterra Inc.