Battery-electric bus manufacturer Proterra Inc. has raised more than $30 million in additional funding to accelerate further deployment of its zero-emission electric vehicle (EV) transit technology. Kleiner Perkins and GM Ventures led the financing, with significant growth funding from other existing investors.
‘EV transit is no longer an idea for the future; it is real and working daily in cities across the country,’ says Proterra CEO Ryan Popple. ‘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 reinvested. 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.
Proterra says its electric vehicles have logged over 400,000 miles in 11 U.S. cities to date.