Electric bus upstart Proterra shifted into a higher gear Tuesday with another substantial funding round: a $55 million infusion led by Al Gore’s Generation Investment Management and the corporate venture arm of German automaker BMW.
The new backing is intended, at least in part, to fuel Proterra’s investments in additional manufacturing capacity at its plants in Los Angeles and Greenville, South Carolina, said Toby Kraus, vice president of finance and strategy for the 13-year-old company.
Proterra previously raked in about $290 million, including a $140 million round disclosed in January. So far, the company has delivered about 100 electric buses to nearly 40 public transit agencies in locations ranging from big cities such as Seattle to smaller communities in Florida, Tennessee and South Carolina. As of early June, it was sitting on orders for 300 more of them.
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