BMW i Ventures announced a strategic investment in Proterra, manufacturer of heavy-duty electric mass transportation vehicles. Proterra’s mission is to eliminate the dependency on fossil fuels and significantly reduce operating costs for transit providers in communities across North America.
Proterra has a 60% market share in the North American electric mass transit market, according to the company, which has sold more than 400 vehicles to some of the country’s most innovative cities and communities, including Seattle, Philadelphia, Dallas, Nashville, San Jose, and Reno.
“This is an extremely exciting time at Proterra as our customers, supporters and investors — new and old alike — rally behind our vision for a clean, electric transportation ecosystem,” said Ryan Popple, CEO of Proterra. “We’re incredibly grateful to our new investors, and are proud to call them partners as we strive to eliminate fossil fuel dependence throughout the transit industry.”