Proterra Inc. closed round two of its Series C funding, raising more than $10 million, bringing total Series C funding to date to more than $34 million.
Photo courtesy SanJoaquinRTD
Funding was based in large measure on the company’s strong 2013 performance and aggressive sales.
The second round of Series C investment was led by Nick and Joby Pritzker through their family’s firm, Tao Invest, and selected existing shareholders. Previous investors include electric industry leaders Edison Energy Inc. and Constellation, along with Kleiner Perkins Caufield & Byers, GM Ventures, Mitsui & Co. Global Investment Inc., Vision Ridge Partners, Hennessey Capital and 88 Green Ventures.
Proterra expects to close Series C funding before the end of the first quarter of 2014.
The company manufactures the only battery-electric buses purchased for revenue service anywhere in North America, according to the company. Its BE35 is the only electric transit bus to ever pass stringent federally-required Altoona testing.
The company has recently announced a host of new sales, including several from repeat customers. Proterra will use these additional Series C proceeds to continue to fund production growth and product development efforts to keep pace with accelerating demand.