Automotive manufacturer Daimler co-led a $155m round for US-based electric bus manufacturer Proterra yesterday with family office Tao Capital Partners.
The round also featured venture capital firm G2VP and undisclosed additional investors. It increased the debt and equity financing raised by Proterra to $565m since it was founded in 2004.
Proterra designs and produces electric buses capable of running for a full day on a single charge. It has so far sold 675 vehicles to transit operators in the US and Canada.
Daimler invested in connection with a partnership agreement that will involve the companies analysing the possible electrification of Daimler’s heavy-duty vehicles, with Proterra’s battery and drivetrain technology being explored for use in the corporate’s Thomas Built Buses division.
Ryan Popple, Proterra’s chief executive, said: “We are excited to collaborate with Daimler, and we appreciate their investment and support. Daimler is a global leader in vehicles that serve almost every category and market.
“Over the past year, we have 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.”
Proterra already had several corporate investors, having raised $30m in a 2011 round featuring GM Ventures, the VC arm of carmaker General Motors, as well as diversified conglomerate Mitsui, 88 Green and Vision Ridge Partners.
The company added $24m in a 2013 round backed by Mitsui, GM Ventures, energy services provider Edison Energy and Constellation Technology Ventures, the corporate venturing vehicle for energy company Exelon, and Hennessey Capital, a subsidiary of financial services provider Hitachi Capital.
The 2013 round also included Kleiner Perkins Caufield & Byers (KPCB), 88 Green and Vision Ridge Partners, and GM Ventures and KPCB co-led a $30m round for Proterra in 2014 that included Constellation Technology Ventures, Hennessey Capital, Vision Ridge and Tao Invest.
Proterra also secured $140m in a January 2017 round led by an unnamed investor with backing from GM Ventures, Edison Energy, Constellation Technology Ventures, Tao Capital, KPCB, 88 Green Ventures, Middle East Venture Partners and Obvious Ventures.
BMW i Ventures unit, the strategic investment arm of carmaker BMW, and investment firm Generation Investment Management subsequently provided $55m in funding for the company five months later.
– Image courtesy of Proterra.