Foothill Transit's Proterra EcoRide BE35
Based in Greenville, South Carolina, electric bus maker Proterra recently closed more than $24 million in Series C financing round. The valuation of the company is now nearly $200 million, according to Garrett Mikita, President & Chief Executive Officer.
Among Proterra's investors, we still see GM Ventures - the venture capital arm of General Motors:
"This round of funding included two new strategic electric industry investors, Edison Energy, Inc., a subsidiary of Edison International and Constellation. Edison and Constellation join Kleiner Perkins Caufield & Byers, GM Ventures, Mitsui & Co. Global Investment, Inc., Vision Ridge Partners, Hennessey Capital and 88 Green Ventures to complete the round. In conjunction with the investment closing, Bert Valdman, President of Edison Energy, and Michael Smith, Vice President and Head of Technology Ventures for Constellation will serve as observers to Proterra’s Board."
$200 million is a healthy figure when you consider Proterra sold just 40 electric vehicles this year. But, of course, such electric buses costs up to $1 million each and next year's sales are expected to double. About two months ago, Proterra won the largest U.S. order for 12 Ecoliners for Foothill Transit.
Proterra said that will use Series C to "fund production growth and product development efforts to keep pace with booming demand".