Proterra, a US-based producer of electric passenger vehicles, has raised $30m in a series D round led by GM Ventures, the corporate venturing unit of General Motors, and venture capital firm Kleiner Perkins Caufield & Byers.
The round also featured other existing investors including Constellation Technology Ventures, the corporate venturing subsidiary of energy company Exelon, Tao Invest, Vision Ridge Partners and Hennessey Capital. Conglomerate Mitsui and 88 Green Ventures are also set to invest by the end of this month.
Michael Smith, head of Constellation Technology Ventures, will join Proterra’s Board. He said: “Proterra’s game-changing technology is more than just a fit with our core business as an energy provider; it has the potential to improve the quality of life for our customers in the communities we serve.”
Proterra plans to introduce a new lightweight, efficient and high-capacity electric bus shortly that will have the lowest cost-per-passenger in the electric vehicle sector.
The company’s funding now totals $152m with further investments expected later this year, including $34m that was raised in a January series C round.