GM Ventures leads $23m investment into Proterra
Electric bus manufacturer Proterra has secured $23m in funding from a consortium of lenders led by the venture capital arm of auto major General Motors, GM Ventures.
Hennessey Capital Management, NMT Capital, Kleiner Perkins Caufield & Byers, Mitsui & Co Global Investment, 88 Green Ventures and Vision Ridge Partners were the other partners in the consortium.
The funds will be employed for creating an increased supply line of its battery-electric EcoRide buses that can be fully charged in 10 minutes and have a 40-mile range.
GM Ventures president and chief technology officer Jon Lauckner remarked that the technology in the automotive space was changing rather rapidly.
The venture capital arm is currently invested in startup companies developing auto-related technologies with a focus on automotive cleantech such as batteries or motors amongst other areas.
GM had earlier invested $6m into Pontera in 2011 as part of the $30m the latter raised as equity.