Proterra closes US$155 million investment with Daimler and others

2 MinutesBy NZ Trucking magazineSeptember 21, 2018

Proterra, a leading innovator in heavy-duty electric transportation for the North American mass transit market, announced it has closed a US$155 million investment round co-led by Daimler, the world‘s largest manufacturer of commercial vehicles.

Tao Capital Partners co-led the round, joined by G2VP and other technology investors.

“We have made several investments in disruptive transportation companies and believe electric vehicle technology is the future of mass transit fleets,” said Nick Pritzker, chairman of Tao Capital. “We at Tao are proud to support Proterra in its mission to bring forth a clean, electric transportation ecosystem.”

In conjunction with the investment, Proterra and Daimler have entered into an agreement to explore the electrification of select Daimler heavy-duty vehicles. The first of these efforts will be to explore potential synergies with Daimler‘s Thomas Built Buses division by bringing Proterra‘s proven battery and drivetrain technologies to the North American school bus market, the next frontier for zero-emission, commercial fleets.

This announcement represents a significant milestone in the commercialisation of heavy-duty electric vehicles as both manufacturers work to bring zero-emission technology to an expanded set of vehicle segments.

“We started working on electric trucks and buses at a very early stage, and we aim to set the standards here in each relevant segment,” said Martin Daum, member of the board of management of Daimler AG with responsibility for Daimler Trucks & Buses. “We expect the cooperation with Proterra to deliver additional impetus for the development of heavy-duty commercial vehicles with electric drive.”

Proterra CEO Ryan Popple said the company was excited about the collaboration with Daimler, and appreciated their investment and support.

“Daimler is a global leader in vehicles that serve almost every category and market. Over the past year, we‘ve gained a great deal of respect for the engineering prowess, operational expertise, and environmental stewardship of the Daimler team. We also appreciate the continued support of our existing investors who share our vision of clean, quiet transportation for all.”