Last week Proterra, Greenville-based makers of battery-powered, zero-emission buses, announced $24 million raised in its third round of funding, bringing investments so far to nearly $200 million, according to the company’s CEO.
Some of the new funding came from two new investors: Edison Energy Inc., a subsidiary of Edison International, and Constellation, a subsidiary of Exelon Corp. Both are utility companies, whom Proterra officials said have a vested interest in the electric vehicle market.
CEO Garrett Mikita said some municipalities try to negotiate lower rates in view of electric-bus purchases, and the new investors will be able to offer helpful insights about how to best approach power providers in such discussions.
The current round of funding will close within the next three months, and Proterra expects to add an additional $5 to $15 million in that time, according to Sharon Self, a spokesperson for Proterra. “We have no plans for additional rounds of funding at this time,” she added. The funds will be put into development and production moving forward.
Proterra had raised $23 million in a second fundraising round last year.
Top funders so far include Kleiner Perkins Caufield & Byers, which funds Proterra through its Green Growth Fund; General Motors Corp.’s GM Ventures; and Mitsui & Co. They returned for the current round along with Vision Ridge Partners, Hennessey Capital and 88 Green. In-state funding has also come from SCRA’s SC Launch initiative.
This latest funding announcement is the tail end of a string of positive news from Proterra in recent weeks. Last month the company announced its largest sale of electric buses to date. Prior to that, the company had announced in August that it had more than doubled its production size in the previous nine months. The company has about 300 employees, having added about a hundred in the past five months.
