Proterra, a Burlingame, Calif.-based heavy-duty electric transportation company, raised $140m in a Series 5 growth equity funding round.
Proterra partnered with J.P. Morgan to close the equity funding, which was led by $40 from an undisclosed investor, an additional $60 from several new investors, and joined by existing investors Tao Capital Partners, Kleiner Perkins, GM Ventures, Constellation Technology Ventures, 88 Green Ventures, Edison Energy, Inc. and others.
The proceeds will be used to accelerate its manufacturing capacity on both coasts, while continuing to develop its heavy-duty electric vehicle products. The company aims to increase production in its East Coast facility, located in Greenville, South Carolina, by 300% and initiate production in its City of Industry facility in Los Angeles County.
Led by Ryan Popple, CEO, Proterra designs and manufactures zero-emission vehicles for bus fleet operators to eliminate the dependency on fossil fuels and to reduce operating costs while delivering clean transportation to the community.
The company has sold more than 300 vehicles to 35 different municipal, university, and commercial transit agencies throughout North America.