Proterra Inc., a Greenville, SC-based battery-electric bus manufacturer, raised more than $30m in additional funding.
The round was led by Kleiner Perkins Caufield & Byers and GM Ventures, with participation from existing investors Edison Energy and Constellation Technology Ventures, the venture capital arm of Exelon as well as Tao Invest, Vision Ridge Partners and Hennessey Capital. In conjunction with the investment closing, Michael Smith, Constellation vice president and head of Constellation Technology Ventures, will join Proterra’s Board.
Another $10m in funding is expected to close within the coming weeks, with Mitsui & Co. Global Investment, Inc. and 88 Green Ventures set to follow.
The company intends to use the funds to accelerate further deployment of its EV transit technology.
Led by CEO Ryan Popple, Proterra designs and manufactures clean technology and energy, zero- emission vehicles. The company has battery-electric transit buses currently in use in cities across the country and plans to introduce its new second generation product to the transit industry later this year.