Bus

Proterra raises $30M in funding, teases new vehicle

Posted on June 19, 2014

The company’s first generation product build slots are filled through the remainder of the year.
The company’s first generation product build slots are filled through the remainder of the year.
Battery-electric bus manufacturer Proterra Inc. has raised more than $30 million in additional funding to accelerate further deployment of its industry-leading zero-emission EV transit technology.

Participation in this round of funding was bolstered by rapidly growing demand for electric vehicles in transit, as well as additional deployments by existing customers, according to the company. 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.

The new electric vehicle — a 40-foot transit bus — will be the lightest, most efficient and highest passenger capacity coach in its class. The next generation Proterra vehicle will have the lowest per passenger cost and environmental impact of any transit technology — electric, diesel, hybrid or natural gas, according to the company.

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.



View comments or post a comment on this story. (1 Comment)

More News

Albuquerque BRT project exploring full sponsorship

ABQ RIDE is looking to model its plan after the Greater Cleveland Regional Transit Authority’s HealthLine, which is sponsored through a hospital partnership. Construction on the so-called ART system could begin in May 2016 with an in-service date of September 2017.

New luxury bus service launches in San Francisco

The service, which costs $6 a ride, asks riders to download the Leap app, creating an account, uploading a photo and adding a credit card that enables them to pay via a QR code.

4ONE wins multiple bus seating orders

Agencies ordering the company's products, which are now in at least half of all new U.S. and Canadian transit buses, include L.A. Metro, Chicago Transit Authority and New York City Transit.

New Flyer awarded big Las Vegas CNG bus contract

The contract includes a firm order for 35 XN40 and 20 XN60 Xcelsior buses, with an option for another 150 XN40 and 100 XN60 over the next five years. All buses are to be powered by CNG.

Pierce Transit taps Apollo for video surveillance

The decision comes after the agency conducted an analysis and product review period. Implementation of the project began in February and all work is expected to be completed by the end of April.

See More News

Post a Comment

Post Comment

Comments (1)

Please sign in or register to .    Close