Proterra
Trailerbodybuilders 9168 Proterra Electric Bus 0
Trailerbodybuilders 9168 Proterra Electric Bus 0
Trailerbodybuilders 9168 Proterra Electric Bus 0
Trailerbodybuilders 9168 Proterra Electric Bus 0
Trailerbodybuilders 9168 Proterra Electric Bus 0

Proterra closes $155 million investment with Daimler, others

Sept. 20, 2018
Proterra recently closed a $155 million investment round co-led by commercial vehicle manufacturer Daimler.

Proterra, which produces heavy-duty electric transportation for the North American mass transit market, recently closed a $155 million investment round co-led by commercial vehicle manufacturer Daimler.

Tao Capital Partners co-led the round, joined by G2VP and other technology investors.  

“We have made several investments in disruptive transportation companies and believe electric vehicle technology is the future of mass transit fleets,” said Nick Pritzker, chairman of Tao Capital. “We at Tao are proud to support Proterra in its mission to bring forth a clean, electric transportation ecosystem.”

In conjunction with the investment, Proterra and Daimler entered into an agreement to explore the electrification of select Daimler heavy-duty vehicles. The first of these efforts will be to explore potential synergies with Daimler’s Thomas Built Buses division by bringing Proterra's proven battery and drivetrain technologies to the North American school bus market, the next frontier for zero-emission, commercial fleets, Proterra said.

Similar to public transit vehicles, school buses provide important community infrastructure and offer an ideal use case for vehicle electrification, as most school buses travel a predictable distance per day that is well within the capability of Proterra’s EV technology, the company said. With this collaboration on an electric vehicle for the school bus market, Daimler and Proterra have the potential to provide reliable, affordable transportation options with environmentally sustainable, zero-emission EV technology.

“We started working on electric trucks and buses at a very early stage, and we aim to set the standards here in each relevant segment,” said Martin Daum, a Daimler AG board member with responsibility for Daimler Trucks & Buses.

“We expect the cooperation with Proterra to deliver additional impetus for the development of heavy-duty commercial vehicles with electric drive.”

Proterra said the partnership “represents a significant milestone in the commercialization of heavy-duty electric vehicles,” with both manufacturers working to expand zero-emission technology into new vehicle segments.

“We are excited to collaborate with Daimler, and we appreciate their investment and support,” said Ryan Popple, Proterra CEO. “Daimler is a global leader in vehicles that serve almost every category and market. Over the past year, we’ve gained a great deal of respect for the engineering prowess, operational expertise and environmental stewardship of the Daimler team.

“We also appreciate the continued support of our existing investors who share our vision of clean, quiet transportation for all.”

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