A Proterra electric bus image: Proterra

Proterra — a manufacturer of electric buses that raised $155 million September last year — has hired investment banks for an IPO according to a recent report from Reuters. Reuters reports the company is working with underwriters including Morgan Stanley, J.P. Morgan and Deutsche Bank on an IPO that could happen as early as this year.

Citing a source familiar with the matter, Reuters says the timing of the company’s IPO hooked on market conditions. Burlingame, California-based Proterra designs and manufactures its electric buses in the US. More than 675 Proterra buses have been sold so far in 40 U.S. states and Canadian provinces. Buyers of Proterra buses include airports, universities, commercial transit agencies and municipalities.

Proterra CEO Ryan Popple image: Atomic Taco on Flickr

Proterra is backed by several investors including BMW and Daimler, two big automobile manufacturers. Daimler co-led Proterra’s last year $155 million round and also partnered with the company to explore electrifying select Daimler heavy-duty vehicles. According to Pitchbook data, Proterra was valued at $855 million with that round. The electric bus maker has raised nearly $400 million in funding according to Crunchbase data.

Proterra operates out of offices in Silicon Valley, South Carolina, and Los Angeles.

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