Proterra, a US-based maker of battery-powered electric buses, has raised $24m in a series C funding round which included two new strategic electric industry investors, Edison Energy, a subsidiary of Edison International, and retail energy supplier Constellation, a subsidiary of US-based energy provider Exelon Corporation; previous investors who participated in the round included GM Ventures, the venture capital arm of General Motors, Mitsui & Co. Global Investment, the venture investment subsidiary of Japan-based trading company Mitsui & Co, Hennessey Capital, a division of financial services unit Hitachi Capital America Corp and part of the Japan-based engineering and electronics conglomerate Hitachi, venture capital firms Kleiner Perkins Caufield & Byers and Vision Ridge Partners, and 88 Green Ventures, the private investment vehicle of Mike Fitzpatrick.
The round values Proterra at approximately $200m. Previously, Proterra raised $23m in series B funding in November 2012, led by Hennessey Capital.
Proterra will use the series C proceeds to fund production growth and product development efforts.
In conjunction with the funding, Bert Valdman, president of Edison Energy, and Michael Smith, vice president and head of technology ventures for Constellation, will serve as observers to Proterra’s Board.
Michael Smith said: “Constellation’s decision to invest in Proterra is based on the company’s clear leadership position in the rapidly expanding international electric vehicle (EV) market. We are pleased with Proterra’s growth and believe that further market expansion will continue based on Proterra’s ability to simultaneously address pressing transportation, environmental and financial challenges for a wide range of metropolitan areas and commercial transportation users in the U.S. and abroad.”
Bert Valdman said: “One of Edison Energy’s core strategies is investing in the electrification of transportation, and Proterra is an emerging leader in the field. We are pleased to partner with Proterra, a company leading the charge in bringing safe, reliable, electric-drive transit buses to market.”
Garrett Mikita, chief executive officer, Proterra, said: “This round of funding is not only an acknowledgement of the strength of the company and the industry, but of Proterra’s commitment to leadership and working with all key stakeholders, including the power supply industry, to create the most effective and efficient transit solutions on the market.”