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BMW and Al Gore Among Investors in Electric Bus Maker Proterra

The public transport may seem a little slower to react to the electric propulsion revolution that is arguably going on, but it's not completely impervious to it.
Proterra Catalyst electric bus 4 photos
Photo: Proterra
Proterra Catalyst electric busProterra Catalyst electric busProterra Catalyst electric bus
US company Proterra has specialized in developing and building electric buses for those cities that want fewer vehicles with large fossil fuel-burning engines driving around their streets, and it has successfully delivered over 400 of them.

The company has received $140 million in funding at the start of this year, but six months later it announced a new round, amounting to $55 million this time. As with the previous batch, the money will go into expanding its production capabilities, which would suggest demand for its products is up as well.

“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," a statement said. "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."

Among the new backers of Proterra there are BMW's venture-investment arm, BMW i Venture, and also Generation Investment Management, a company run by famous environmentalist and former US President candidate, Al Gore.

“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,” said Ryan Popple, CEO of Proterra.

Proterra is one of the leaders in the design and manufacture of electric buses, having a 60 percent market share in the North American electric mass transit market. Specialists believe that this segment will see a huge growth over the next ten years as more and more of the old diesel-powered buses will be replaced by their less polluting and cheaper to run electric counterparts.

Earlier this year, the CEO mentioned Proterra might opt for an initial public offering (IPO) in 2018, meaning there would be another promising all-electric company on the stock market for everyone to make some money out of.
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About the author: Vlad Mitrache
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"Boy meets car, boy loves car, boy gets journalism degree and starts job writing and editing at a car magazine" - 5/5. (Vlad Mitrache if he was a movie)
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