BMW i Ventures – the company's venture capital unit – has announced a strategic investment in Proterra, a technology company and manufacturer focused on heavy-duty electric mass transportation vehicles.
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 US's 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."