U.S. leading electric bus manufacturer, Proterra Inc. has recently raised about $155 million in funding round led by German automaker, Daimler and private equity firms, Tao Capital Partners LLC and G2VP LCC. Sources suggest that the recent announced deal could effectively fuel and transform the school bus industry of North America region.
Apparently, Proterra plans to use the recent cash injection to upscale its current operations in line with its thriving electrified bus sales, while Daimler, being the world’s largest manufacturer of commercial vehicles, will continue to develop its investment in the EV portfolio.
As per TechCrunch, the two companies have reportedly made their collaboration official towards developing electric vehicles for the school bus market, with Proterra playing its part by lending its battery and drive train expertise and Daimler guiding the electric bus maker to further expand its manufacturing business.
Sources cite that Daimler plans to specifically leverage Proterra’s expertise in its Thomas Built Bus line, falling behind rival school bus makers Lion, Blue Bird, and Motiv Power. Meanwhile, school districts and parents are seemingly showing interest towards the electric move as to reduce the effects of harmful emissions from diesel school buses over their children.
As per Ryan Popple, CEO of Proterra, the company is delighted to collaborate with Daimler as the German automakers team has served Proterra with a great deal of engineering prowess, operational expertise, and environmental stewardship over the past year. Proterra is also looking forward to continuing their support to its existing investors, who share similar vision towards clean and quiet transportation, Popple added.
For the record, Proterra has reportedly been dedicated towards producing electric buses for commercial transit and municipal federal agencies. The company has efficiently developed a fleet of electric buses capable of travelling 350 miles on a full charge and have successfully sold hundreds of all-electric buses to cities that are trying to reduce their emission standards.