Electric Bus Maker Proterra Nears Unicorn Status With New Funding Round
Proterra authorizes a $75 million funding round that pushes its valuation past $1 billion. The electric bus manufacturer also expands its business by selling battery systems to commercial truck makers.
Proterra authorizes a new $75 million funding round that pushes the electric bus maker's valuation past the $1 billion mark. According to a recent securities filing, the company offers over 10.8 million shares at $6.91 each in a Series 8 round, officially making it a unicorn if all shares are issued. The company declines to comment on the raise, which follows reports that Proterra hires major underwriters like JPMorgan Chase and Morgan Stanley to explore a potential IPO.
The Burlingame, California-based company manufactures electric buses capable of traveling 350 miles on a single charge for municipal and commercial transit agencies. Led by former Tesla employees, including CEO Ryan Popple, Proterra previously raises more than $551 million from notable investors such as BMW i Ventures, Kleiner Perkins, and General Motors's venture arm.
Proterra actively diversifies its business model beyond just building buses by launching a new division called Proterra Powered. This branch sells its vehicle battery systems, powertrain technology, and charging infrastructure to commercial truck and heavy-duty vehicle manufacturers. This expansion builds on existing partnerships with industry giants like Daimler, a collaboration that includes technology sharing and financial backing to electrify vehicles like school buses.