General Motors Ventures is to invest US$6m in Proterra, a manufacturer of zero-emission commercial transit buses.
GM Ventures is part of an investment group, led by venture capital firm Kleiner Perkins Caufield & Byers that will invest a total of US$30m in the bus manufacturer.
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Proterra’s EcoRide BE-35 battery electric bus is averaging up to 24 mpg (diesel equivalent) in service, a more than 600% improvement compared to a typical diesel bus. Using technology developed by Proterra, the lightweight, composite-body bus recharges in around 10min.
“This equity investment further demonstrates GM’s commitment to electric propulsion and supports our commitment to identify and invest in technology solutions that help advance the global transportation industry,” said GM Ventures president Jon Lauckner.
“While this investment will help Proterra commercialise its electric bus and fast-charging technology, it also helps to address the future challenges of urban mobility.”
Proterra was founded in 2004 and is currently manufacturing buses in a temporary plant in Greenville, South Carolina, near Clemson University International Centre for Automotive Research.
Proterra’s TerraVolt energy storage system consists of 54-72 kWh lithium titanate battery packs that recharge in 10min using the company’s roof-mounted Fast Fill recharging system.
Three EcoRide BE-35 buses are currently in a test fleet near Pomona, California, with additional buses to be added, while new buses and charging stations are also due in San Antonio and Tallahassee, Florida later this year.
