Proterra, a maker of heavy-duty electric transportation for the North American mass transit market, has closed a $155 million investment round co-led by Daimler and Tao Capital Partners, joined by G2VP and other technology investors.
In conjunction with the investment, Proterra and Daimler have entered into an agreement to explore the electrification of select Daimler heavy-duty vehicles. The first of these efforts will be to explore potential synergies with Daimler’s Thomas Built Buses division by bringing Proterra’s battery and drivetrain technologies to the North American school bus market.
“We started working on electric trucks and buses at a very early stage, and we aim to set the standards here in each relevant segment,” says Martin Daum, member of Daimler AG’s board of management with responsibility for Daimler Trucks & Buses. “We expect the cooperation with Proterra to deliver additional impetus for the development of heavy-duty commercial vehicles with electric drive.”
“We are excited to collaborate with Daimler, and we appreciate their investment and support,” notes Ryan Popple, Proterra’s CEO. “Daimler is a global leader in vehicles that serve almost every category and market. Over the past year, we’ve gained a great deal of respect for the engineering prowess, operational expertise and environmental stewardship of the Daimler team. We also appreciate the continued support of our existing investors who share our vision of clean, quiet transportation for all.”
Nick Pritzker, chairman of Tao Capital Partners, adds, “We have made several investments in disruptive transportation companies and believe electric vehicle technology is the future of mass transit fleets. We at Tao are proud to support Proterra in its mission to bring forth a clean, electric transportation ecosystem.”