Proterra Closes $10M Second Tranche of $34M Series C Funding

Proterra-LogoProterra Inc., Greenville, SC-based manufacturer of zero emission battery electric buses, has closed a more than $10m second tranche of a Series C funding.

This second close brought the total amount raised in Series C round (which is expected to close before the end of Q1 2014) to more than $34m.

The funding was led by Nick and Joby Pritzker through their family’s firm, Tao Invest, and existing shareholders. Previous investors in the company included electric industry leaders Edison Energy, Inc. and Constellation, along with Kleiner Perkins Caufield & Byers, GM Ventures, Mitsui & Co. Global Investment, Inc., Vision Ridge Partners, Hennessey Capital and 88 Green Ventures.

Proterra will use these additional proceeds to continue to fund production growth and product development efforts.

Led by Chief Executive Officer Garrett Mikita, the company manufactures EcoRide™ BE35, 35-foot, a low-floor composite body transit bus built upon a battery-electric vehicle architecture with a composite body that reduces weight over a conventional steel or aluminum bus, an energy storage system (TerraVolt™) charged in under 10 minutes and its ProDrive systems powered by a single UQM PowerPhase® 150 permanent magnet (PM) motor.

Proterra is hiring.

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