Venture Capital News: Proterra Receives $55M
BURLINGAME, CA, Today Proterra, the leading innovator in heavy-duty electric transportation, announced that it has closed a $55 million Series 6 round.
Proterra announced that it has closed a $55 million Series 6 round, on the heels of an oversubscribed $140 million Series 5 in January. Generation Investment Management LLP, a long-term, sustainability focused investment firm led the round, which was joined by BMW i Ventures, the corporate venture capital team founded by BMW Group in 2011. As Proterra continues to build upon its 60 percent market share in the North American electric transit market, this investment will support the company's East and West coast production capabilities and its commitment to ongoing technology innovation.
Former U.S. Vice President and Generation Investment Management Chairman Al Gore said, "More than ever before, cities are looking for sustainable transportation solutions that can reduce pollution efficiently and effectively. Proterra is incredibly well positioned to help accelerate the growth of sustainable cities and continue our transition to a clean energy economy."
Proterra will utilize the $55 million to increase production at its manufacturing facilities in South Carolina and Los Angeles, while also bolstering research and development efforts at the company's headquarters in Silicon Valley. Currently, the company has sold more than 400 vehicles to some of the country's most innovative cities and communities, including Seattle, Dallas, Nashville, San Jose, Philadelphia and Reno. In addition to its commitment to nationwide growth, Proterra remains focused on attracting the best engineering, design and electric vehicle technology talent from across the country. This dedication to workforce development has helped the company achieve multiple innovation firsts, including its recent launch of the industry's first autonomous bus development program with the University of Nevada, Reno.
The investments from Generation Investment Management and BMW i Ventures represent important milestones for both groups. With a commitment to embedding sustainability into mainstream capital markets, Generation Growth Equity has a long history of investing in mobility, covering a range of sustainable solutions from electric vehicles to bike sharing to fleet management technology. With Generation establishing a presence in San Francisco this year, this is a critical investment to add to their growing portfolio on the West Coast. For BMW i Ventures, this represents its first investment in heavy-duty electric vehicle manufacturing underscoring the transition to electric mass transit. United by a shared belief in responsible citizenship and sustainable transportation technology, Proterra will work closely with Generation and BMW i Ventures to help communities transition to zero-emission mobility fleets.
"BMW i Ventures invests in companies that will transform mobility and transportation, and Proterra is pushing the mass transit industry forward with the most innovative heavy-duty electric bus," said Zach Barasz, partner at BMW i Ventures. "Due to Proterra's efforts, electric mass transit is overtaking fossil-fuel buses as the new standard."
"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."
Colin Le Duc, co-head of Generation Growth Equity, and based in San Francisco, said, "Our approach is to find innovative businesses that will help drive the transition to a sustainable, low carbon economy. Proterra is the perfect example of a successful, sustainable business with a long runway for future growth. We have known and admired Proterra for some time, and are delighted to be able to support a top-class management team, led by Ryan Popple."
Proterra is a leader in the design and manufacture of zero-emission heavy-duty vehicles, enabling bus fleet operators to significantly reduce operating costs while delivering clean, quiet transportation to local communities across the United States. With more than 400 vehicles sold to 39 different municipal, university, and commercial transit agencies in 20 states, Proterra is committed to providing state of the art, high performance vehicles to meet today's growing market demand. The company's configurable Catalyst platform is capable of serving the full daily mileage needs of nearly every U.S. transit route on a single charge. With unmatched durability and energy efficiency based on rigorous U.S. certification testing, Proterra products are proudly designed, engineered and manufactured in America, with offices in Silicon Valley, South Carolina, and Los Angeles. For more information, visit: http://www.proterra.com and follow us on Twitter @Proterra_Inc.
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