BMW i Ventures has announced a strategic investment in Proterra, the leading innovator and manufacturer of heavy-duty electric mass transportation vehicles.
Proterra’s mission is to eliminate the dependency on fossil fuels and significantly reduce operating costs for transit providers in communities across North America.
Proterra has a 60 percent market share in the North American electric mass transit market. The company has sold more than 400 vehicles to some of the country’s most innovative cities and communities, including Seattle, Philadelphia, Foothill (Greater Los Angeles), Dallas, Nashville, San Jose, and Reno.
“This is an extremely exciting time at Proterra as our customers, supporters and investors—new and old alike—rally behind our vision for a clean, electric transportation ecosystem,” said Ryan Popple, CEO of Proterra. “We’re incredibly grateful to our new investors, and are proud to call them partners as we strive to eliminate fossil fuel dependence throughout the transit industry.”
“BMW i Ventures invests in companies that will transform mobility and transportation, and Proterra is pushing the transit industry forward with the most innovative heavy-duty electric bus,” said Zach Barasz, Partner at BMW i Ventures. “Due to Proterra’s efforts, electric mass transit is overtaking fossil-fuel buses as the new standard.”
New York-based BMW i Ventures is a corporate venture capital team founded by BMW Group in 2011, which provides equity financing to high-potential start-ups and high-growth companies dedicated to shape the future of global mobility. Through its previous investments in the fields of e-mobility, navigation, parking, car sharing and intermodality, BMW i Ventures has already entered into strategic partnerships with innovative providers such as Scoop, Zirx, RiceCell, Chargepoint, Life360, Moovit, JustPark, Chargemaster, Zendrive, Rever Moto, STRIVR, Desktop Metal and BUS.com.