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BMW Invests in Proterra Mass-Transit Supplier
BMW AG says its i Ventures unit has made an unspecified investment in Proterra Inc., a California-based builder of heavy-duty electric mass transit buses.
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BMW AG says its i Ventures unit has made an unspecified investment in Proterra Inc., a California-based builder of heavy-duty electric mass transit buses.
The investment is part of a $55 million, sixth round of fundraising by the 13-year-old company that was led by Generation Investment Management LLP.
Proterra has sold more than 400 vehicles to 39 cities and transit operations. The company claims 60% of the North American market for large electric buses. Last month Proterra announced it will test a self-driving electric bus on the campus of the University of Nevada in Reno.
The company plans to use the new funds to support product development, hike output at its factory in South Carolina and launch production at a new facility in Los Angeles.
BMW’s iVentures is a venture capital unit set up in 2011 to provide equity financing to startups and high-growth-potential companies in global mobility.
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