Electric Bus Maker Proterra Raises $ 140 Million to Strengthen Production of Fast Charging Buses

Electric bus maker Proterra has raised $ 140 million from existing and new investors such as Tao Capital Partners, Kleiner Perkins and GM Ventures.

Founded in 2004 and based in Burlingame, California, Proterra manufactures fast-charging batteries-based transportation buses that charge in about 10 minutes. In September, it unveiled a more efficient battery system using the new Catalyst E2 series, promising to run about 560 kilometers on a single charge.

According to the company, it has already sold more than 300 units to 35 cities, towns, universities and commercial transportation in the United States.

Prior to this round of funding, Proterra had raised $ 180 million. As for the breakdown of this round, it has raised $ 40 million from "private investors", $ 60 million from "several new investors" and even older investors.

The newly raised funds will be used to accelerate production. The company is considering doubling production in the United States to meet "growing demand."

Electric vehicles (EVs) and batteries are heavily invested throughout the field of transportation. Big companies like Samsung are also making strategic investments and acquisitions. Battery technology is one of the obstacles to the further advancement of EVs, and the long charging time and short mileage have been the obstacles.

But with a number of startups continuing to innovate, and companies like Proterra pushing the boundaries of their potential in terms of shorter charging times and increased mileage, EVs are undoubtedly more attractive. There will be no.

(This article is an abridged translation.)

[Via Venture Beat] @VentureBeat [Original]