- General
- October 15, 2020
- 3 minutes read
Proterra Scores $200M Round
Photo credit: Proterra Proterra, a maker of electric passenger buses, has raised $200 million in new funding led by financial services…
 |
| Photo credit: Proterra |
Proterra, a maker of electric passenger buses, has raised $200 million in new funding led by financial services firm Cowen, with participation from Soros Fund Management, Generation Investment Management, and Broadscale Group. Cowen chipped in the lion share of $150 million into the new round while the remaining $50 million came from the other aforementioned investors. The new round brings the total amount of funding raised by Proterra to nearly $700 million.
Proterra will use its new funding to support general corporate activities, including battery and electric drivetrain research and development and overall business development efforts. The company is also looking to bolster its energy storage business which caters to supplemental charging and energy management services for fleet operators.
Proterra makes electric passenger buses and has sold over 500 buses in the US and Canada to date. In addition to selling buses, the company also provides electric vehicle technology and expertise for other commercial vehicle manufacturers. It’s just in the previous month of September that Proterra unveiled its latest battery-powered passenger bus named the ZX5, which is the company’s fifth so far.
Altogether, Proterra has sold buses to over 120 transit operators across the US and Canada. The company, which was founded in 2004, is based out of the city of Burlingame, California.
