BMW and Al Gore firm invest in Proterra composite-bodied buses

Proterra will utilize the $55 million to increase production at its manufacturing facilities in South Carolina and Los Angeles.

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Proterra, the maker of composite-bodied heavy-duty electric buses, has closed a $55 million Series 6 round. Al Gore’s Generation Investment Management LLP, a long-term, sustainability-focused investment firm led the round and was joined by BMW i Ventures, the corporate venture capital team founded by BMW Group in 2011.

Former U.S. Vice President and Generation Investment Management Chairman Al Gore stated, “More than ever before, cities are looking for sustainable transportation solutions that can reduce pollution efficiently and effectively. Proterra is incredibly well positioned to help accelerate the growth of sustainable cities and continue our transition to a clean energy economy.”

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. Currently, the company has sold more than 400 vehicles to various cities including Seattle, Dallas, Nashville, San Jose, Philadelphia and Reno. Proterra will work closely with Generation and BMW i Ventures to help communities transition to zero-emission mobility fleets.

“BMW i Ventures invests in companies that will transform mobility and transportation, and Proterra is pushing the mass transit industry forward with the most innovative heavy-duty electric bus,” says Zach Barasz, partner at BMW i Ventures. “Due to Proterra’s efforts, electric mass transit is overtaking fossil-fuel buses as the new standard.”

“This is an extremely exciting time at Proterra as our customers, supporters and investors—new and old alike—rally behind our vision for a clean, electric transportation ecosystem,” says Ryan Popple, CEO of Proterra. “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.”

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